Apple, Applied Optoelectronics, Universal Display Upgraded

Apple Inc. (AAPL), ​Applied Optoelectronics Inc (AAOI), and ​Universal Display Corporation (OLED) are winning support from Wall Street analysts

Feb 24, 2017 at 9:27 AM
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Analysts are weighing in on Dow stock Apple Inc. (NASDAQ:AAPL), fiber optics firm Applied Optoelectronics Inc (NASDAQ:AAOI), and lighting specialist Universal Display Corporation (NASDAQ:OLED). Here's a roundup of today's bullish brokerage notes on AAPL, AAOI, and OLED shares.

BMO Boosts Price Target on Apple Shares

BMO raised its price target on AAPL to $160 from $142, in record-high territory. The bullish note is well-deserved, considering the stock tapped a record peak of $137.48 yesterday, before settling at $136.53, and are already up 18% in 2017. Strangely, open interest on Apple Inc. is extremely put-skewed in the front three-months' series. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.04 outstrips 97% of comparable readings taken in the previous year. Ahead of the bell, AAPL is off 0.9%, as traders react to a viral video showing a smoking iPhone 7 Plus, reminiscent of recent problems with exploding Samsung smartphones -- a matter Apple says it is looking into.

Applied Optoelectronics Aims For Record Highs

AAOI is poised to gap 14% higher out of the gate, lifted by an earnings beat, as well as price-target hikes at Piper Jaffray and Raymond James. As a result, after closing Thursday at $37.47, the stock should take out its record high of $38.89 in morning trade. This could leave short sellers on the ropes. Nearly 14% of Applied Optoelectronics Inc's float is dedicated to short interest, which would take about four sessions to cover, at the stock's average daily trading volume.

Universal Display Prepares For Post-Earnings Pop

OLED is pointed 10.5% higher pre-market, and could hit a record high out of the chute, following an upbeat earnings report. Plus, Canaccord Genuity raised its price target to $65 from $49 -- though that's still a discount to yesterday's closing price at $67.45. Technically speaking, Universal Display Corporation shares have been on fire, adding over 19% year-to-date. An upside gap could force short sellers to start covering their positions. Specifically, 11% of OLED's float is sold short, translating into eight sessions' worth of pent-up buying activity, at typical daily volumes.

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