Analyst Upgrades: Dick's Sporting Goods, Pandora, and Qorvo

Analysts upwardly revised their ratings and price targets on Dick's Sporting Goods Inc (NYSE:DKS), Pandora Media Inc (NYSE:P), and Qorvo Inc (NASDAQ:QRVO)

Oct 24, 2016 at 9:45 AM
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Analysts are weighing in on retail stock Dick's Sporting Goods Inc (NYSE:DKS), streaming music platform Pandora Media Inc (NYSE:P), and semiconductor name and Apple Inc. (NASDAQ:AAPL) supplier Qorvo Inc (NASDAQ:QRVO). Here's a quick roundup of today's bullish brokerage notes for DKS, P, and QRVO.

  • After DKS placed the winning bid for bankrupt Golfsmith last Friday, Cowen and Company raised its outlook on the stock to "outperform" from "market perform" and its price target to $64 from $58 -- in record-high territory. DKS stock has put in a stellar performance on the charts in 2016, rallying almost 64%, and today is up 2% at $57.85 -- within striking distance of its Sept. 22 all-time high of $61.94. Options traders, meanwhile, have initiated long calls over puts at a faster-than-usual clip in recent weeks. Dick's Sporting Goods Inc's 10-day call/put volume ratio of 1.76 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 65th annual percentile.
  • Ahead of tomorrow evening's quarterly earnings and analyst day events, P saw its price target boosted to $22 from $19 at J.P. Morgan Securities, and to $16 from $15 at Stifel. As such, P is up 0.6% at $12.72, paring its year-to-date deficit to 5.1%. This upbeat brokerage note runs counter to recent critical attention Pandora Media Inc has received from analysts -- which pressured the shares to a dismal string of losses in last week's trading. Short sellers have also been skeptical, with nearly one-quarter of P's float sold short, or 10.1 times the stock's average pace of trading.
  • J.P. Morgan Securities initiated coverage on QRVO with an "overweight" rating and a $72 price target, territory not charted by the stock since July 2015. The shares of QRVO have jumped at the open, last seen up 3% at $56.34. Longer term, QRVO stock is up 10.7% in 2016, and while most analysts are optimistic toward the shares -- 63% maintain a "buy" or better rating -- short sellers have been growing increasingly pessimistic. Specifically, short interest surged 28.5% in the two most recent reporting periods, and now accounts for a healthy 7.6% of Qorvo Inc's available float.
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