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)

Josh Selway

Nov 23, 2016 at 10:06 AM

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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