Micron Technology, Big 5 Sporting Goods, Ross Stores Upgraded

Micron Technology, Big 5 Sporting Goods, Ross Stores are getting applause from Wall Street analysts

Josh Selway
Mar 1, 2017 at 10:18 AM
facebook twitter linkedin


Analysts are weighing in on semiconductor stock Micron Technology, Inc. (NASDAQ:MU), as well as retailers Big 5 Sporting Goods Corporation (NASDAQ:BGFV) and Ross Stores, Inc. (NASDAQ:ROST). Here's a roundup of today's bullish brokerage notes on MU, BGFV, and ROST shares.

Analysts Expect Micron to Rally 19%

MU is getting a boost this morning, adding 3.7% to trade at $24.30, after Goldman Sachs upgraded the stock to "buy" from "neutral," and raised it price target to $29 from $26. The analysts cited expectations price increases will expand margins this year. The stock has already had a huge 12 months, more than doubling in value. Not surprisingly, options traders have been notably bullish on Micron Technology, Inc. During the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 4.71 calls have been bought to open for every put -- a ratio that ranks in the 75th annual percentile.

Big 5 Sporting Goods Results Impress

A better-than-expected fourth-quarter earnings report has BGFV up 9.7% at $14.75. In response, brokerage firm Forward View raised its opinion to "hold." The shares are still well below their November highs above $20, though, and could struggle to overcome their 50-day moving average, seated at $15.77 -- roughly equal to today's high. Meanwhile, Big 5 Sporting Goods Corporation bears may be caught off guard by today's pop. Roughly one-third of the stock's float is sold short, which translates into more than two weeks' worth of buying power, at average daily volumes. 

Analysts Eye Record Highs for Ross Stores After Beat

Despite a fourth-quarter earnings and revenue beat, ROST is down 3.7% at $66.07, due to a softer-than-expected outlook. However, the subsequent analyst attention has been upbeat, with Instinent among at least four brokerage firms to raise its price target, setting the highest bar at $74 -- in all-time-high territory. Plus, the stock's rising 100-day moving average is continuing to act as support, ushering the shares higher since last June. If Ross Stores, Inc. can bounce from this trendline, it could benefit from an unwinding of bearish options positions. For instance, put buying more than doubled call buying during the past two weeks at the ISE, CBOE, and PHLX. 

Get a jump-start on the day's stock market news with Schaeffer's free Opening View newsletter.

A Schaeffer's exclusive!

The Expert's Guide

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


  
 

Partnercenter