Analyst Upgrades: Caterpillar, Lipocine, Seagate Technology

Analysts upwardly revised their ratings and price targets on Caterpillar Inc. (CAT), Lipocine Inc (LPCN), and Seagate Technology PLC (STX)

by Alex Eppstein

Published on Oct 11, 2016 at 9:15 AM
Updated on Jul 20, 2020 at 4:25 PM

Analysts are weighing in on heavy machinery maker Caterpillar Inc. (NYSE:CAT), drugmaker Lipocine Inc (NASDAQ:LPCN), and data storage stock Seagate Technology PLC (NASDAQ:STX). Here's a quick roundup of today's bullish brokerage notes on CAT, LPCN, and STX.

  • Goldman Sachs boosted its rating on CAT to "buy" and its price target to $112 -- representing four-year-high territory. Likewise, Jefferies upped its target price to $80. The positive revisions are well-deserved, considering Caterpillar Inc. has run nearly 30% higher year-to-date at $88.22, and touched an annual peak of $89.87 last week. Plus, ahead of the open, the shares are pointed another 1% higher. There's plenty of potential for CAT to benefit from additional upgrades and bullish initiations, too. Heading into today, 13 of 15 analysts have handed the stock either a "hold" or a "strong sell" assessment.

  • LPCN is sitting 6.7% higher in electronic trading, after Canaccord Genuity raised its price target to $15 from $6 -- nearly tripling yesterday's close at $5.54. The upward revision comes just a couple days after the stock gapped higher on another round of positive brokerage attention, though the shares have a long way to go to close their late-June bear gap. Lipocine Inc could get a proverbial shot in the arm if short sellers keep covering their positions. During the most recent reporting period, short interest fell 8.1%, but more than 15% of the stock's total float is still sold short. At LPCN's average trading rate, it would take over 18 sessions to buy back these bearish bets.

  • STX raised its fiscal first-quarter revenue guidance this morning. Plus, J.P. Morgan Securities lifted its opinion to "neutral" from "underweight" and its price target to $38 from $20, while Jefferies upped its price target to $44. Despite these positive developments, Seagate Technology PLC is down 0.8% in pre-market trading. Perhaps the shares are preparing to take a breather, after trekking higher from their mid-May lows below $18.50. In fact, the stock has more than doubled since bottoming, settling Monday at $37.97. Short-term options traders remain unconvinced, though. STX's Schaeffer's put/call open interest ratio (SOIR) checks in at 1.24, in the put-skewed 81st percentile of its annual range.
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