Analyst Upgrades: Amazon.com, Inc., Costco Wholesale Corporation, and QUALCOMM, Inc.

Analysts upwardly revised their ratings and price targets on Amazon.com, Inc. (AMZN), Costco Wholesale Corporation (COST), and QUALCOMM, Inc. (QCOM)

by Kirra Fedyszyn

Published on Sep 30, 2016 at 9:29 AM
Updated on Sep 30, 2016 at 9:33 AM

Analysts are weighing in on retail stocks Amazon.com, Inc. (NASDAQ:AMZN) and Costco Wholesale Corporation (NASDAQ:COST), as well as chipmaker QUALCOMM, Inc. (NASDAQ:QCOM). Here's a quick roundup of today's bullish brokerage notes on AMZN, COST, and QCOM.

  • Guggenheim initiated coverage on AMZN with an upbeat "buy" rating and a $950 price target -- well into record-high territory. Speaking of which, Amazon.com, Inc. hit a fresh all-time peak of $837.50 on Thursday, before settling at $829.05, and the shares are pointed 0.4% higher ahead of the bell. The stock has been on a tear since early February, tapping one new high after another, with its year-to-date lead approaching 23%. Plus, the shares have been getting support from the rising 50-day moving average. In the options pits, traders keep betting on more gains, too. AMZN's 10-day call/put volume ratio of 1.29 across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 92% of the past year's readings. 

  • COST reported better-than-expected earnings for its fiscal fourth quarter, prompting Goldman Sachs to bump up its price target by $1 to $183 -- representing never-before-seen territory for the shares. The stock has had a choppy 2016 so far, but is sitting on a year-over-year lead, as of Thursday's close at $147.49. The shares are up another 2.9% in electronic trading, and an unwinding of skepticism among options traders in light of today's earnings news could send Costco Wholesale Corporation even higher. Specifically, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.45 sits just 2 percentage points from an annual put-skewed peak.

  • QCOM is set to add 1.3% at the open following an upgrade to "buy" from "neutral" at Mizuho Securities, as well as a price-target hike to $74 from $62 at Cowen and Company. This bullish brokerage attention follows Thursday's M&A buzz alleging QUALCOMM, Inc. could be looking to acquire sector peer NXP Semiconductors NV (NASDAQ:NXPI) in a more than $30 billion deal. QCOM hit an annual high of $68.83 yesterday before finishing at $67.45 -- up 35% year-to-date. But the shares could be overdue for a breather after more than seven months of climbing the charts. The stock's 14-day Relative Strength Index (RSI) checks in at 73 -- in overbought territory.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Huge New Legal Marijuana Market Has Shortage Crisis
250 million Europeans have access to medical marijuana. There's already a shortage....
J M Smucker Stock Jammed by Ugly Sales Outlook
J M Smucker's fourth-quarter profits and revenue were better than Wall Street expected
NIO Rises on Record-Breaking Deliveries
Nio stock hit a record high in vehicle deliveries for May
The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.