Analyst Upgrades: Analog Devices, Inc., Veeva Systems Inc, and HP Inc

Analysts upwardly revised their ratings and price targets on Analog Devices, Inc. (NASDAQ:ADI), Veeva Systems Inc (NYSE:VEEV), and HP Inc (NYSE:HPQ)

Nov 23, 2016 at 10:06 AM
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Analysts are weighing in on chipmaker Analog Devices, Inc. (NASDAQ:ADI), cloud-based software stock Veeva Systems Inc (NYSE:VEEV), and tech concern HP Inc (NYSE:HPQ). Here's a quick roundup of today's bullish brokerage notes on ADI, VEEV, and HPQ.

  • Analysts are rushing to raise their outlooks on ADI, following the company's better-than-expected fiscal fourth-quarter earnings results from Tuesday. BofA-Merrill Lynch upgraded the shares to "buy," and was one of at least 12 brokerage firms to raise its price target, setting the bar at $85. Analog Devices, Inc. is up another 1.1% today at $73.67, after rallying over 4% yesterday, and now boasts a year-to-date lead of more than 33%. In the meantime, call buying has hit extreme levels at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The stock's 50-day call/put volume ratio across these exchanges is 3.09 -- an annual high. 

  • VEEV is also gaining, thanks to strong earnings and upbeat guidance, with the shares adding 7.3% to trade at $44.59, and notching a fresh three-year high of $45.15 earlier. J.P. Morgan Securities was one of at least six brokerage firms to increase its price target, setting the highest target, at $50. The analysts added, "VEEV puts an exclamation point on how a clean beat and raise quarter should look." Veeva Systems Inc has been rallying for months, now up roughly 63% in the past year, but short interest remains elevated. By the numbers, it would take VEEV short sellers more than eight days to cover their positions, going by average daily volumes. 

  • HPQ is down 3.9% this morning at $15.33, as a disappointing current-quarter outlook outweighs better-than-expected revenue from its fiscal fourth quarter. The stock remains nearly 30% above its year-to-date breakeven mark of $11.84, and this morning's analyst attention has been mostly upbeat. Citigroup was one of at least four brokerage firms that raised its price target, moving it up to $17 from $16, representing annual-high territory for the shares. Overall, though, 13 of 19 analysts consider HP Inc a "hold" or "sell," and Jefferies weighed in shortly after the open with a downgrade to "hold" from "buy." 
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