Analyst Upgrades: Deere & Company, Panera Bread, TESARO

Analysts upwardly revised their ratings and price targets on Deere & Company (DE), Panera Bread Co (PNRA), and TESARO Inc (TSRO)

Oct 10, 2016 at 9:28 AM

Analysts are weighing in on heavy machinery maker Deere & Company (NYSE:DE), restaurant stock Panera Bread Co (NASDAQ:PNRA), and biotech TESARO Inc (NASDAQ:TSRO). Here's a quick roundup of today's bullish brokerage notes on DE, PNRA, and TSRO.

DE is pointed 1.6% higher pre-market, after Wells Fargo upwardly revised its rating to "outperform" from "market perform." The stock settled Friday at $86.30, but is quickly approaching a stubborn layer of resistance around $88, which has already rejected the shares twice this year. If that happens, bullish options traders could turn tail on Deere & Company, exacerbating selling pressure. During the last 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), DE has amassed a call/put volume ratio of 1.03 -- in the high 73rd percentile of its annual range.
Longbow Research upped its opinion of PNRA to "buy" from "neutral." However, the shares have had a rough go of it lately, tumbling from record-high levels north of $224 to trade at $189.28. Amid this pullback, Panera Bread Co put buyers have been out in force, scooping up bearish bets at a near-extreme clip. Specifically, PNRA's 50-day ISE/CBOE/PHLX put/call volume ratio of 2.01 sits just 1 percentage point shy of a 12-month peak.

Fresh off some encouraging trial data, TSRO is feeling the love on Wall Street. BofA-Merrill Lynch raised its assessment to "buy" from "neutral," and was one of at least seven analysts to boost its price target on the stock. Moreover, RBC -- which upped its price target by $6 to $128 -- said TESARO Inc's "Niraparib is the PARP inhibitor to beat and there is no legitimate competitive threat near-term." As such, the shares are perched 15.6% higher ahead of the open, and on track to hit a record peak this morning. Short sellers, meanwhile, are in trouble. Over 28% of TSRO's float is sold short, which would take nearly two weeks to cover, at the stock's typical trading levels.

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