Analysts upwardly revised their ratings and price targets on Facebook Inc (FB), General Motors Company (GM), and United States Steel Corporation (X)
Analysts are weighing in on social media stock
Facebook Inc (NASDAQ:FB), automaker
General Motors Company (NYSE:GM), and steel producer
United States Steel Corporation (NYSE:X). Here's a quick roundup of today's bullish brokerage notes on FB, GM, and X.
- Citigroup hiked its price target on FB to $158 from $148 -- in uncharted territory -- saying the Street's growth forecasts for Facebook Inc are "potentially conservative." Against this backdrop, shares of FB are up 0.7% in pre-market trading, after closing last week at $129.07. This projected price action is just more of the same for FB, which has surged 35% year-over-year, and hit an analyst-induced record high of $131.98 on Sept. 7. Options traders have been bracing for a pullback, though. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), FB's 10-day put/call volume ratio of 0.64 ranks in the elevated 77th annual percentile.
- GM is up 2.5% in electronic trading, after Morgan Stanley upgraded the stock to "overweight" from "equal weight" and boosted its price target to $37 from $29 -- a level not seen by GM since March 2015. Specifically, analysts at the firm say they believe "GM´s businesses can remain relevant and profitable for longer than the market thinks." Drilling down, GM has shed 8.9% year-to-date, based on last Friday's settlement at $30.97. Skepticism has been ramping up toward the stock, too. At the ISE, CBOE, and PHLX, GM's 10-day put/call volume ratio of 1.20 rests above 70% of all comparable readings taken in the past year. Separately, GM is currently in talks with Canadian union workers, in hopes of avoiding a walkout of the Unifor members.
- KeyBanc raised its rating on X to "sector weight" from "underweight," saying it believes "investors now appear to be more appreciative of risks." At last check, the shares were up 3.3% ahead of the bell. Longer term, X has been steadily declining since topping out at an annual high of $27.64 in late July, down more than 42% at $15.91. On the sentiment front, short-term traders have been more call-skewed than usual toward the stock. United States Steel Corporation's Schaeffer's put/call open interest ratio (SOIR) of 1.07 is docked lower than all other comparable readings taken in the past year.
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