Analyst Upgrades: Walt Disney Co, Fossil Group Inc, and Fitbit Inc

Analysts upwardly revised their ratings on Walt Disney Co (NYSE:DIS), Fossil Group Inc (NASDAQ:FOSL), and Fitbit Inc (NYSE:FIT)

Josh Selway

Nov 16, 2016 at 9:31 AM

Analysts are weighing in on entertainment conglomerate Walt Disney Co (NYSE:DIS), accessories specialist Fossil Group Inc (NASDAQ:FOSL), and wearable tech stock Fitbit Inc (NYSE:FIT). Here's a quick roundup of today's bullish brokerage notes on DIS, FOSL, and FIT.

DIS is trading up 0.7% at $98.40, thanks to an upgrade to "buy" from "hold" at Deutsche Bank. The brokerage firm cited renewed confidence in the company's cable networks and consumer products divisions. It's been a great month so far for Walt Disney Co, with the shares gaining 6.2% in November -- cruising past their 200-day moving average in the process. An extended rally could result in additional upgrades, too. That's because 14 of 23 analysts still rate DIS a "hold" or "strong sell."
FOSL has also been strong in recent weeks, outpacing the S&P 500 Index (SPX) by 13 percentage points during the past 20 days, as of last night's close. Today, the stock is 5.4% higher at $34.70, following upgrades to "overweight" from both Pacific Crest and KeyBanc. Conversely, Fossil Group Inc options traders have remained bearish. The equity's 10-day put/call volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands at 1.30, outstripping two-thirds of comparable readings from the past year.

An upgrade to "sector weight" at Pacific Crest has FIT 1.8% higher at $9.73. Nevertheless, the shares are still well below their year-to-date breakeven mark near $30, with a post-earnings bear gap earlier this month resulting in a record low of $8.33. Even without this bullish analyst attention, Fitbit Inc may have been due for a bounce. Heading into today's trading, the stock's 14-day Relative Strength Index (RSI) was perched at 30, which indicates it's been oversold.

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