Diamondback Energy, Seagate Technology, Western Digital Upgraded

Analysts upwardly revised their ratings and price targets on oil stock Diamondback Energy Inc (FANG), as well as data storage specialists Seagate Technology PLC (STX) and Western Digital Corp (WDC)

Jan 31, 2017 at 10:37 AM
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Analysts are weighing in on oil stock Diamondback Energy Inc (NASDAQ:FANG), as well as data storage specialists Seagate Technology PLC (NASDAQ:STX) and Western Digital Corp (NASDAQ:WDC). Here's a roundup of today's bullish brokerage notes on FANG, STX, and WDC.

Diamondback Energy Up On Price-Target Hike

FANG is up 1.8% at $104.30, after a price-target hike to $132 from $128 by Credit Suisse -- in all-time-high territory. FANG has been charting a series of higher lows for quite some time, and is up nearly 44% year-over-year, supported by its 80-day moving average. Option bulls may be cheering today's bump, with Diamondback Energy Inc's 50-day call/put volume ratio of 2.71 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sitting higher than 88% of all other readings from the last year.

Barclays Raises Price Target on Seagate Technology

STX is down 0.5% at $44.67, even after Barclays raised its price target to $49 from $46. The new target represents an annual high for the stock, which has already managed to gain nearly 143% since its mid-May lows, and recently broke through technical resistance in the $40-$41 area. Today's drop may have been in the cards for Seagate Technology PLC, which clocked in yesterday with a 14-day Relative Strength Index (RSI) of 77 -- well in "overbought" territory. It may also be related to the company's newly announced offering of senior unsecured notes

Western Digital Dips Despite Bullish Note

WDC is also down despite a price-target hike at Barclays, with the brokerage firm upping its target to $100 from $93, a new annual high. So far today, WDC is 0.6% lower at $78.75, but is up 125% from its mid-May lows. In the option pits, bullish traders have been setting their sights on Western Digital Corp. Its 10-day call/put volume ratio of 3.44 at the ISE, CBOE, and PHX sits just 9 percentage points from an annual peak.

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