Analyst Upgrades: Micron Technology, Inc., Randgold Resources Ltd., and ConocoPhillips

Analysts upwardly revised their ratings and price targets on Micron Technology, Inc. (NASDAQ:MU), Randgold Resources Ltd. (ADR) (NASDAQ:GOLD), and ConocoPhillips (NYSE:COP)

Josh Selway

Nov 28, 2016 at 10:03 AM

COP
GOLD
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Analysts are weighing in on semiconductor stock Micron Technology, Inc. (NASDAQ:MU), gold firm Randgold Resources Ltd. (ADR) (NASDAQ:GOLD), and oil-and-gas stock ConocoPhillips (NYSE:COP). Here's a quick roundup of today's bullish brokerage notes on MU, GOLD, and COP.

MU is looking to keep its strong year going, after Deutsche Bank lifted its price target to $24 from $20. The stock -- which has doubled in value since its January low of $9.31 -- was last seen 0.3% higher at $20.18, after touching an annual high of $20.44 on Friday. Options traders certainly share Deutsche Bank's upbeat outlook. For instance, Micron Technology, Inc.'s 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at a top heavy 6.31, ranking above 86% of the past year's readings.
GOLD is up 2% today at $72.51, thanks to a price-target hike to $125 from $120 at Dundee. This target sits just below the stock's three-year high of $126.55 from July. Since then, the shares have surrendered nearly 43%, breaching their 320-day moving average earlier this month amid post-election headwinds. Still, most analysts are hopeful, with two-thirds rating Randgold Resources Ltd. a "strong buy," and none calling it a "sell."
COP is getting a boost from Goldman Sachs, after the brokerage firm added the stock to its "Americas Conviction Buy" list, upgraded its rating to "buy" from "neutral," and lifted its price target to $54 from $47. The shares are 1.1% higher at $46.26, but are running out of steam near their year-to-date breakeven point. Bullish or bearish, now appears to be a prime time to buy premium on ConocoPhillips. The stock's Schaeffer's Volatility Index (SVI) of 35% sits just 3 percentage points from a 12-month low, meaning the options market is pricing in unusually low volatility expectations at the moment.

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