Analysts upwardly revised their ratings and price targets on AAPL, TSLA, and FB stocks
Analysts are weighing in on iPhone maker Apple Inc. (NASDAQ:AAPL), electric car name Tesla Inc (NASDAQ:TSLA), and social media stock Facebook Inc (NASDAQ:FB). Here's a quick roundup of today's bullish brokerage notes on shares of AAPL and TSLA, as well as FB stock.
"Underappreciated" Apple Stock at New High
AAPL stock is trading up 0.1% at $149.08 -- a new record high -- after Drexel Hamilton boosted its price target on the tech shares to $202 from $185. The brokerage firm said optimism surrounding Apple Inc. is in the beginning stages of unfolding, and that Apple is "among the most underappreciated stocks in the world." Additionally Warren Buffett over the weekend said consumer loyalty to Apple's iPhone is "huge." APPL stock's success on the charts has been notable, as well, with the shares up 28.6% heading into today's trading. There's still room for more bullish brokerage notes to buoy the stock, too, with seven of 32 analysts maintaining a "hold" or "strong sell" recommendation.
Tesla Stock Resumes Uptrend After Bullish Analyst Note
Evercore ISI reinstated coverage on TSLA stock with an "outperform" rating and $330 price target, saying the risk surrounding the Model 3 has lessened. The price target sits well above TSLA's May 2 record high of $327.66, with the shares last seen trading up 1% at $311.30. Tesla Inc shares were already boasting a 44% lead before today's session began, yet almost one-quarter of the stock's float is sold short, or four sessions' worth of pent-up buying demand, at Tesla's average pace of trading. In other words, a capitulation by short sellers could translate into even more tailwinds for TSLA stock.
Facebook Stock Widens Post-Earnings Bounce
FB stock is up 0.1% at $150.39, after MKM Partners raised its price target on $180 from $150 -- a significant premium to the stock's May 3 all-time peak of $153.60. Longer term, Facebook Inc shares have added more than 30% year-to-date, and while FB stock took a post-earnings slip last week, it found a foothold atop its 10-day moving average. On the sentiment front, FB options traders have rarely been as put-heavy toward contracts expiring in three months or less, per the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.77 -- in the 100th percentile of its annual range.