Apple, Qorvo, Skyworks Solutions Upgraded

Apple, Qorvo, Skyworks Solutions stocks are on analysts' bullish radar today

Mar 30, 2017 at 10:19 AM
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Analysts are weighing in on iPhone maker Apple Inc. (NASDAQ:AAPL), as well as Apple suppliers Qorvo Inc (NASDAQ:QRVO) and Skyworks Solutions Inc (NASDAQ:SWKS). Here's a quick roundup of today's bullish brokerage notes on shares of AAPL, QRVO, and SWKS.

Independent Research Outlook Sends Apple Stock to New Highs

Mark down another bullish note for AAPL stock, after Independent Research boosted its price target to $170 from $150, and maintained its "buy" rating. The shares hit another record high of $144.50 this morning -- last seen trading at $144.33, a year-to-date return of nearly 25% -- even as reports surfaced that Alphabet Inc (NASDAQ:GOOGL) will outpace Apple in app store sales for the first time ever this year. This rally is just fine with Apple Inc. options traders, who have long preferred calls over puts. In fact, peak open interest on AAPL stands at the April 140 call, where nearly 85,000 contracts are outstanding -- a healthy portion of which have been bought to open.

Qorvo Stock Extends Rally After Bull Note

J.P. Morgan Securities raised its price target on QRVO stock to $85 from $70, territory not seen since mid-2015. Qorvo Inc was last seen 2.1% higher at $69.28, extending its 12-month rally to 37.4%. Despite this, short interest on the Apple supplier remains near record-high levels, with nearly 10% of QRVO's float controlled by short sellers. Based on the equity's average trading volume, it'd take these bears more than nine sessions to cover their positions. 

Skyworks Solutions Sports Promising Options Data

J.P. Morgan Securities also raised its price target on SWKS stock, increasing its mark to $103 from $90 -- in annual-high waters. Year-to-date, Skyworks Solutions Inc is now up over 31% at $98.10, with the 20-day moving average providing strong support since mid-February. What's more, it's a great time to buy SWKS options. This is based on the stock's Schaeffer's Volatility Index (SVI) of 23%, which is an annual low. Said differently, short-term options are pricing in unusually low volatility expectations at the moment. 

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