Analyst Upgrades: bluebird bio Inc, Dick's Sporting Goods Inc, and Transocean LTD

Analysts upwardly revised their ratings and price targets on bluebird bio Inc (BLUE), Dick's Sporting Goods Inc (DKS), and Transocean LTD (RIG)

by Alex Eppstein

Published on Sep 15, 2016 at 9:26 AM

Analysts are weighing in on drugmaker bluebird bio Inc (NASDAQ:BLUE), retailer Dick's Sporting Goods Inc (NYSE:DKS), and drilling stock Transocean LTD (NYSE:RIG). Here's a quick roundup of today's bullish brokerage notes on BLUE, DKS, and RIG.

  • Goldman Sachs added BLUE to its "Conviction" list, sending the stock 5% higher ahead of the bell. The shares ended Wednesday at $62.89 -- their highest close since early January -- and have mustered an impressive recovery since bottoming just above $35 on May 12. Additional gains could be fueled by short covering, considering one-quarter of bluebird bio Inc's float is sold short. At the stock's average trading volume, it would take nine sessions for these bears to buy back their positions.
  • Oppenheimer raised its rating on DKS to "outperform," boosting the retail stock 1.5% pre-market. At $58.65, the shares have been red-hot in 2016, soaring 66%, and are approaching their record high of $60.40, hit one month ago. However, short-term options traders are extremely put-tilted toward Dick's Sporting Goods Inc. The stock's Schaeffer's put/call open interest ratio (SOIR) registers at a top-heavy 2.61, in the 99th percentile of its annual range.
  • RIG saw its rating upped to "hold" from "sell" at Canaccord Genuity, with the brokerage firm citing a "rock solid" balance sheet. As such, the stock is pointed 1.1% higher ahead of the open. Last night, Transocean LTD settled at $9.12, on a 26.3% year-to-date deficit. But that hasn't stopped options traders from picking up calls. During the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), RIG has racked up a 10-day call/put volume ratio of 8.23 -- a 52-week peak -- with more than eight calls bought to open for every put.
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