Seagate Technology, Corning, Texas Instruments Upgraded

Analysts upwardly revised their ratings and price targets on tech stock Seagate Technology PLC (STX), glassware manufacturer Corning Incorporated (GLW), and semiconductor stock Texas Instruments Incorporated (TXN)

Jan 25, 2017 at 10:16 AM
facebook twitter linkedin


Analysts are weighing in on tech stock Seagate Technology PLC (NASDAQ:STX), glassware manufacturer Corning Incorporated (NYSE:GLW), and chipmaker Texas Instruments Incorporated (NASDAQ:TXN). Here's a quick roundup of today's bullish brokerage notes on STX, GLW, and TXN.

Seagate Technology Gets Price Hikes After Earnings

STX is up 23.8% at $46.35 -- fresh off an annual high of $46.68 -- after the company delivered an earnings win last night, along with upbeat guidance. Since then, STX has been hit with no fewer than 17 price-target hikes, including one to $55 from $47 at Needham, territory not charted since June 2015. STX is up 152% since its May lows near $18.40, and the shares now sit well above the $40-$41 region that served as a ceiling in late 2016. Near-term option players have rarely been more put-skewed toward Seagate Technology PLC than they are now, considering the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.93 sits just 1 percentage point from an annual high.

Corning Hits New High on Bullish Brokerage Notes

GLW is up 2.8% at $26.91 -- and earlier tagged an eight-year high of $26.98 -- extending yesterday's 5.7% post-earnings climb. Overnight, GLW received no fewer than six price-target hikes, including one to $30 from $28 by Deutsche Bank, an area the stock hasn't traded north of since March 2001. Year-over-year, Corning Incorporated shares have gained nearly 52%, with an early November pullback contained by GLW's rising 100-day moving average. Nevertheless, GLW's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 1.46 is ranked in the 81st percentile of its annual range, meaning puts have been bought to open at a faster-than-usual clip. If these pessimistic positions begin to unwind, it could add fuel to GLW's fire.

Texas Instruments Sees Price-Target Hikes After Earnings Beat

After notching a new 16-year high of $78.20 not long ago, TXN was last seen trading up 1.2% at $77.99 -- extending its newfound lead over previous technical resistance. Helping boost the shares is Texas Instruments Incorporated's solid earnings report and current-quarter forecast. Plus, no fewer than 17 analysts hiked their price target on the shares, with Oppenheimer raising its price target to $90 from $80, representing an expected move to territory not charted since June 2000. The stock could get an additional boost, should short sellers continue to jump ship. Short interest dropped almost 10% in the most recent reporting period, but it would still take more than four sessions to cover the remaining bearish bets, at TXN's average pace of trading.

Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check.

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners