Analysts upwardly revised their ratings and price targets on AKBA, CMG, and DECK stocks
Analysts are weighing in on drugmaker Akebia Therapeutics Inc (NASDAQ:AKBA), restaurant stock Chipotle, and footwear designer Deckers Outdoor Corp (NYSE:DECK). Here's a quick roundup of today's bullish brokerage notes on shares of AKBA, CMG, and DECK.
Akebia Stock Sizzles on Otsuka Tie-Up
AKBA entered into an expanded licensing agreement with Otsuka for anemia treatment Vadadustat. Akebia Therapeutics Inc stock was promptly hit with a price-target hike to $25 from $21 at Aegis Capital, helping send the shares 23.8% higher pre-market. As a result, the stock will likely open at an annual high, after closing yesterday at $9.37. AKBA stock could benefit from a round of short-covering, too, considering almost 13% of its float is sold short -- which would take over two weeks to buy back, at typical daily trading volumes.
Upbeat Earnings Fail to Launch CMG Stock
CMG is receiving bullish analyst attention, after the company's better-than-expected earnings report -- though a data breach has limited the shares to a 0.5% gain in electronic trading. So far, no fewer than eight analysts have raised their price targets -- including RBC (to $500), which simultaneously lowered its rating to "sector perform" from "outperform." Generally speaking, the brokerage crowd has been skeptical of Chipotle stock, doling out 14 "hold" or worse opinions, against five "strong buys." It's no wonder, either. At $471.76, CMG shares are up just 6.5% year-over-year, compared to a 14.4% advance for the broader S&P 500 Index (SPX).
Deckers Stock Set to Soar on Potential Sale
DECK stock is pointed 4.7% higher in pre-market trading, after the company said it will explore strategic alternatives, including a possible sale. The news was met with a price-target hike to $70 from $64 at Stifel, in annual-high territory. Yesterday, Deckers Outdoor Corp shares settled at $58.74, more or less flat on a year-over-year basis. Options traders, meanwhile, have lost hope. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Deckers Outdoor has amassed a top-heavy put/call volume ratio of 3.39 -- in the 71st annual percentile.