Analyst Upgrades: Microsoft Corporation, Incyte Corporation, and NetApp Inc.

Analysts upwardly revised their ratings on Microsoft Corporation (NASDAQ:MSFT), Incyte Corporation (NASDAQ:INCY), and NetApp Inc. (NASDAQ:NTAP)

Nov 17, 2016 at 9:43 AM
facebook twitter linkedin

Analysts are weighing in on tech stock Microsoft Corporation (NASDAQ:MSFT), biopharmaceutical company Incyte Corporation (NASDAQ:INCY), and digital storage specialist NetApp Inc. (NASDAQ:NTAP). Here's a quick roundup of today's bullish brokerage notes on MSFT, INCY, and NTAP.

  • MSFT is up 1% today at $60.24, thanks to an upgrade to "buy" from "neutral" at Goldman Sachs, which also raised its price target to $68 from $60, representing all-time-high territory. However, the stock has been losing ground since its last record high of $61.37 from late October, even as options traders have remained overwhelmingly bullish. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Microsoft Corporation has a 10-day call/put volume ratio of 2.71, which tops 83% of all others from the past year. A reversal of this unusual call bias could hold back MSFT shares in the near term. 

  • Price-target increases to $126 at BMO and $115 at Leerink have INCY up 3.6% at $104.36 this morning. The shares have been marking a series of higher highs and lows since February thanks to strong support from their rising 36-month moving average. Considering this, it's not surprising to see many short sellers throwing in the towel, with short interest decreasing by almost 16% in the latest reporting period. Still, nearly a week's worth of buying power remains on the sidelines, going by average daily volumes, suggesting there's room for a continuation of this short-covering trend to drive Incyte Corporation even higher. 
  • An impressive earnings beat has NTAP 10.7% higher this morning at $38.43, after earlier tapping fresh annual high of $39. No fewer than 12 brokerage firms have raised their price targets, including Susquehanna, which set the highest mark by far at $46. This represents territory NetApp Inc. has not seen since April 2012, but the shares have already gained nearly 45% in 2016, and additional bullish notes could result in even more upside. For instance, just three of the 25 brokerage firms covering NTAP deem it worthy of a "buy" rating. 
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!



Special Offers from Schaeffer's Trading Partners