TSLA, MRVL, NVDA Stocks Upgraded Today

Baird continues to be a buyer of Tesla stock

by Josh Selway

Published on Jun 20, 2017 at 9:27 AM

Analysts are weighing in on electric vehicle maker Tesla Inc (NASDAQ:TSLA), as well as chip stocks Marvell Technology Group Ltd. (NASDAQ:MRVL) and NVIDIA Corporation (NASDAQ:NVDA). Here's a quick roundup of today's bullish brokerage notes on shares of TSLA, MRVL, and NVDA.

Baird Still Buying TSLA Stock

Baird reiterated its "outperform" rating and $368 price target on Tesla stock, saying they remain buyers with catalysts approaching. After settling last night at $369.80, TSLA shares are up 1.8% in electronic trading after Bloomberg reported the company is in talks to build a production facility in China. With Tesla set to add to its 73% year-to-date advance -- and possibly take aim at its June 14 record high of $384.25 -- there's room for more analysts to follow in the bullish footsteps of Berenberg. For instance, 11 of 16 brokerage firms have "hold" or worse ratings on TSLA, while its average 12-month price target sits at $269.56.

MRVL Stock Edging Higher After Pacific Crest Note

Marvell Technology stock is set to jump 3.3% out of the gate, after an upgrade to "overweight" from "sector weight" at Pacific Crest, with the brokerage firm expecting higher revenues for the company going into next year. This could be bad news for options traders, who've been targeting puts relative to calls at an accelerated rate in recent weeks. Specifically, MRVL stock has a 10-day put/call volume ratio of 2.23 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks just 5 percentage points from a 12-month high. 

On the charts, Marvell has been brilliant. The shares closed yesterday at $17.45, up nearly 73% year-over-year, touching a six-year high of $17.93 on June 6. 

NVDA Stock Upgraded on Cryptocurrency Demand

Pacific Crest also upgraded Nvidia stock, raising its outlook to "sector weight" from "underweight," citing growing demand for graphics processing chips from the cryptocurrency mining market. NVDA shares settled at $157.32 yesterday, marking its second highest close on record. Nvidia hit a record high of $168.50 on June 9, but there are plenty of bearish analysts to be found on Wall Street. Of the 27 brokerage firms following the shares, 12 have "hold" or "strong sell" opinions on NVDA. 


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