Amicus Therapeutics, General Motors, Broadcom Upgraded

Analysts upwardly revised their ratings and price targets on biotech Amicus Therapeutics, Inc. (FOLD), auto maker General Motors Company (GM), and semiconductor stock Broadcom Ltd (AVGO)

Jan 24, 2017 at 11:10 AM
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Analysts are weighing in on biotech Amicus Therapeutics, Inc. (NASDAQ:FOLD), auto maker General Motors Company (NYSE:GM), and semiconductor stock Broadcom Ltd (NASDAQ:AVGO). Here's a quick roundup of today's bullish brokerage notes on FOLD, GM, and AVGO.

Amicus Upgraded to "Outperform" At Baird

FOLD is down 0.1% at $5.34, even after an upgrade to "outperform" from "neutral" at Baird, which also hiked its price target to $10 from $7 -- citing "recent regulatory clarity" and "strengthening of the balance sheet" as two of the reasons for the bullish analyst attention. FOLD has dropped by nearly 44% since its mid-November high near $9.60, and short sellers have been hot to target the stock. In the last two reporting periods alone, short interest climbed 25% to a record 28.3 million shares -- or 25.4% of Amicus Therapeutics, Inc.'s float.

Goldman Sachs Hikes Price Target On General Motors

GM is up 1.4% at $37.15, following a price-target hike to $31 from $29 at Goldman Sachs -- and as President Donald Trump meets with auto executives. Longer term, GM is up 26.9% year-over-year, with more recent gains supported by its 30-day moving average. In fact, the stock touched an annual high of $38.16 one week ago after the company offered up a strong profit forecast. As such, short sellers have been jumping ship, with short interest on General Motors Company down more than 15% in the last two reporting periods. These bearish bets still account for almost four days' worth of pent-up buying demand, at the average pace of trading, meaning the stock's fire could be fueled by a continued short squeeze.

Broadcom Raised To $240 at Morgan Stanley

AVGO is trading 2.8% higher at $196.43 -- earlier notching a new all-time high of $196.45 -- after Morgan Stanley raised its price target on the stock to $240 from $210. AVGO has put in a strong performance over the past 12 months, tacking on 57%. In the option pits, speculative traders have bought to open calls over puts at a faster-than-usual clip in recent months, per Broadcom Ltd's 50-day call/put volume ratio of 1.81 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) -- higher than 87% of all other readings from the last year.

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