Facebook, Freeport-McMoRan, Nike Stock Upgraded

Facebook, Freeport-McMoRan, Nike stocks are on analysts' bullish radar today

Mar 21, 2017 at 9:26 AM
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Analysts are weighing in on social media stock Facebook Inc (NASDAQ:FB), mining concern Freeport-McMoRan Inc (NYSE:FCX), and athletic retailer Nike. Here's a quick roundup of today's bullish brokerage notes on shares of FB, FCX, and NKE stock.

Facebook Stock Eyes New Highs After Upgrade

FB stock is on pace to hit record highs today, following an upgrade to "buy" from "neutral" at BTIG, with the brokerage firm saying the company "has begun to showcase better (and more targeted) video content using its algorithm." Additionally, BTIG said that "not having a BUY on Facebook has clearly been a mistake in 2017." After closing Monday at $139.94 on Monday, Facebook stock is up 21.6% year-to-date, and has added another 0.8% in pre-market trading. Looking at the options pits, near-term options traders are unusually call-skewed. This is based on Facebook Inc's Schaeffer's put/call open interest (SOIR) of 0.48 is just 2 percentage points from an annual low. 

Freeport-McMoRan Gets a Lift From Deutsche Note

FCX is up 2% ahead of the open, thanks to an upgrade to "hold" from "sell" at Deutsche Bank, which also raised its price target to $14 from $12.50. The mining stock closed Monday at $12.73, following a recent pullback from its January high of $17.06, but appears to have found support at the 200-day moving average. Most analysts remain bearish, however, with 10 of 13 brokerage firms rating Freeport-McMoRan Inc a "hold" or worse. Separately, FCX said it resumed copper concentrate production at its Grasberg mine in Indonesia.

Analysts Raise Expectations on NKE Stock Ahead of Earnings

J.P. Morgan Securities this morning raised its price target on NKE to $61 from $57, eyeing extended upside ahead of the company's earnings release tonight. At $58.68, shares of Nike Inc have added over 15% in 2017, and a positive earnings surprise could convince some of the bearish brokerage firms to come to the bulls' side. For instance, half of the analysts tracking NKE stock rate it a "hold" or worse, suggesting additional bullish notes are possible in the near term. 

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