Broadcom, Micron, Owens Corning Upgraded

Broadcom, Micron Technology, and Owens Corning stocks are on analysts' bullish radar today

Mar 31, 2017 at 9:20 AM
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Analysts are weighing in on semiconductor stocks Broadcom Ltd (NASDAQ:AVGO) and Micron Technology, Inc. (NASDAQ:MU), as well as fiberglass firm Owens Corning (NYSE:OC). Here's a quick roundup of today's bullish brokerage notes on shares of AVGO, MU, and OC.

Broadcom Stock Secures More Bullish Support

Macquarie initiated coverage on AVGO with an "outperform" rating, which is par for the course for the Apple supplier. In fact, 96% of covering brokerage firms have dished out a "buy" or better assessment, without a single "sell" opinion on the books. Broadcom Ltd stock has certainly earned these accolades, adding over 24% year-to-date to trade at $220.04, and touching an all-time high of $227.75 earlier this month. Ahead of the bell, however, AVGO shares are down 0.9%. Separately, Broadcom and Silver Lake have reportedly offered $17.9 billion to buy Toshiba's chip unit.

Macquarie Starts Micron Shares with an "Outperform"

MU also won an "outperform" rating from Macquarie, boosting the shares 1% ahead of the opening bell. The upbeat coverage is well-deserved, as the stock has added more than 176% year-over-year to trade at $28.97 -- just a chip-shot from its annual high of $29.87, touched one week ago. Micron Technology, Inc. options traders have been placing bullish bets over bearish at an accelerated clip, too. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock has amassed a 10-day call/put volume ratio of 5.09 -- in the high 75th percentile of its annual range.

Owens Corning Signaling New Highs

Wedbush raised its rating on OC to "outperform" from "neutral," and lifted its price target to $72 from $58 -- in uncharted territory. As such, the shares are trading 5.7% higher ahead of the open, and could take out their all-time high of $62.79 out of the gate, after settling at $60.99 yesterday. More upbeat analyst attention could be just around the corner, too. Despite Owens Corning's strength on the charts, a majority of the stock's 15 covering analysts consider it a "hold" or a "strong sell."

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