Electronic Arts, NVIDIA, Microchip Technology Upgraded

Electronic Arts, NVIDIA, and Microchip Technology stocks are soaring after earnings

May 10, 2017 at 9:47 AM
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Analysts are weighing in on video game maker Electronic Arts Inc. (NASDAQ:EA), as well as semiconductor stocks NVIDIA Corporation (NASDAQ:NVDA) and Microchip Technology Inc. (NASDAQ:MCHP). Here's a quick roundup of today's bullish brokerage notes on shares of EA, NVDA, and MCHP.

EA Stock Jumps to Record High After Earnings, Price-Target Hikes

Electronic Arts earnings blew past analysts' estimate, and was met with price-target hikes from UBS (to $112), Wedbush (to $116), and Jefferies (to $123) -- all in record-high territory. As such, EA stock has jumped 10% to trade at $105.54, its first-ever trek north of the century mark. With EA shares now sporting a more than 21% year-to-date advance, it seems like a prime time for short sellers to call it a day on their losing bets. While just 3.5% of Electronic Arts stock is sold short, it would take nearly six sessions to cover these bearish bets at the average pace of trading, ample sideline cash to help fuel EA's fire.

NVDA Stock in Analysts' Bullish Crosshairs After Earnings

NVDA stock is trading 14% higher this morning at $117.76, after the chipmaker reported solid earnings and gave upbeat current-quarter guidance. What's more, Barclays and Morgan Stanley raised their price targets on NVIDIA shares to $105 and $125, respectively, the latter of which sits in uncharted waters. Plus, Loop Capital said NVDA shorts are likely getting squeezed "because they couldn't see the forest through the trees," and reiterated its "buy" rating and $129 price target. Today's post-earnings pop has NVIDIA stock back in positive year-to-date territory. It looks as if short sellers -- and one NVDA options trader, in particular -- were hoping for a post-earnings retreat, too, with short interest up 11.5% in the two most recent reporting periods.

Earnings, Upbeat Analyst Notes Send MCHP Stock to New High

MCHP stock received no fewer than six price-target hikes after the company unveiled a better-than-expected earnings report. The most optimistic outlook came from Rosenblatt Securities, which boosted its price target on Microchip Technology stock to $100 from $90, well above the stock's previous all-time peak of $77.32, hit on April 27. Nevertheless, after being halted briefly in electronic trading, MCHP shares have surged 5.3% out of the gate to trade at a new record high of $80.50. Microchip stock could get an additional boost, should short sellers start to unwind their bearish bets. Nearly 11% of MCHP stock's float is sold short, or 9.1 times the average daily pace of trading.

 

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