Analyst Upgrades: NVIDIA Corporation, GoPro Inc, and Melco Crown Entertainment Ltd (ADR)

Analysts upwardly revised their ratings and price targets on semiconductor stock NVIDIA Corporation (NVDA), wearable camera maker GoPro Inc (GPRO), and casino stock Melco Crown Entertainment Ltd (ADR) (MPEL)

Jan 9, 2017 at 9:58 AM
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Analysts are weighing in on semiconductor stock NVIDIA Corporation (NASDAQ:NVDA), wearable camera maker GoPro Inc (NASDAQ:GPRO), and casino stock Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL). Here's a quick roundup of today's bullish brokerage notes on NVDA, GPRO, and MPEL.

  • NVDA is up 3.8% at $107.00, following a pair of price-target hikes. Susquehanna raised its price target to $95 from $75, while Jefferies hiked its price target to $125 from $110 -- in uncharted territory. NVDA has been on a tear upward for more than a year, tacking on more than 440% since July 2015, and was the best performing S&P 500 Index (SPX) component of 2016. Option buyers have been getting quite the bang for their buck, with NVDA's Schaeffer's Volatility Index (SVI) of 44% sitting in the bottom 26% of its annual range, indicating near-term options are pricing in relatively low volatility expectations. Meanwhile, NVIDIA Corporation's Schaeffer's Volatility Scorecard (SVS) sits at an elevated 90, suggesting NVDA has tended to outperform volatility expectations over the last year.

  • GPRO is down 0.7% at $9.00, even after J.P. Morgan Securities analyst Paul Coster outlined three reasons he remains "overweight" on the stock. The analyst also reiterated a $13 price target, but cut his drone-related revenue forecast through 2018. GPRO shares have struggled of late, dropping nearly 50% since their October highs, but seem to have found a foothold near the $9 mark. Option players are exceptionally bearish towards GoPro Inc shares, with GPRO's 50-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 1.65 sitting at an annual peak, indicating puts bought to open over calls at the fastest pace in the past 12 months.

  • MPEL is trading up 2.8% at $16.29, following an upgrade to "buy" from "neutral" by BofA-Merrill Lynch, which also hiked its price target to $22.30 from $19.50 -- annual-high territory -- citing improving fundamentals. Melco Crown Entertainment Ltd (ADR) stock is down nearly 35% after hitting an annual peak in November, though the shares recently bounced off their 200-day moving average. In MPEL's option pits, near-term traders have been especially put-skewed, with MPEL's Schaeffer's put/call open interest ratio (SOIR) of 1.33 sitting in the 81st percentile of its annual range.
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