Analyst Upgrades: Take-Two Interactive Software, Inc., Zumiez Inc., and Broadcom Ltd

Analysts upwardly revised their ratings and price targets on Take-Two Interactive Software, Inc. (NASDAQ:TTWO), Zumiez Inc. (NASDAQ:ZUMZ), and Broadcom Ltd (NASDAQ:AVGO)

Josh Selway

Nov 3, 2016 at 10:15 AM

Analysts are weighing in on video game stock Take-Two Interactive Software, Inc. (NASDAQ:TTWO), retail name Zumiez Inc. (NASDAQ:ZUMZ), and chipmaker Broadcom Ltd (NASDAQ:AVGO). Here's a quick roundup of today's bullish brokerage notes for TTWO, ZUMZ, and AVGO.

TTWO is up 7.7% at $48.25, fresh off a new record high of $49.99, following the company's blowout fiscal second-quarter results. BMO was one of at least six brokerage firms to raise its price target, setting the bar at $56. The stock is now up 39% year-to-date, extending its multi-year uptrend. Take-Two Interactive Software, Inc. could continue to gain, too, if short sellers keep covering. Despite edging lower in the past two reporting periods, short interest still represents roughly 15% of TTWO's total float.

ZUMZ is also on the rise, adding 4.7% to $23.78 -- and tapping an annual high of $24.51 earlier -- thanks to strong October sales figures. No fewer than four price-target increases have come through, including a hike to $27 from B. Riley, representing territory not seen in over a year. Today's price action marks Zumiez Inc.'s second bull gap in as many months, as the shares now battle with the 24-month moving average. If ZUMZ takes out this trendline and continues to gain, additional bull notes could boost the stock. By the numbers, eight of 11 analysts rate ZUMZ a "hold" or "strong sell."

AVGO is 0.1% higher today at $172.80, following Wednesday's news the company will buy Brocade Communications Systems, Inc. (NASDAQ:BRCD) for $5.5 billion, or $12.75 per share. Analysts seem pleased with the deal, as B. Riley and Pacific Crest both raised their price targets, to $225 and $215, respectively. Call buyers should also be happy. During the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Broadcom Ltd has accumulated a call/put volume ratio of 1.76, which tops 78% of the past year's readings.

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