JPMorgan Stock Set to Lead Bank Rally After Stress Tests

B. Riley says to buy Groupon stock

Jun 29, 2017 at 9:27 AM
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Analysts are weighing in on drugmaker Valeant Pharmaceuticals Intl Inc (NYSE:VRX), daily deal provider Groupon Inc (NASDAQ:GRPN), and big bank stock JPMorgan Chase & Co. (NYSE:JPM). Here's a quick roundup of today's bullish brokerage notes on shares of VRX, GRPN, and JPM.

VRX Stock Poised for More Upside

It's turning into a busy morning for Valeant stock. The shares are up 4.5% ahead of the open on news the Food and Drug Administration (FDA) has accepted the New Drug Application (NDA) from its subsidiary Salix Pharmaceuticals for its bowel cleansing treatment. Plus, the company announced it has completed the sale of Dendreon to Sanpower Group. 

On top of all this, Cantor Fitzgerald upped its price target on Valeant Pharmaceuticals to $23 from $18 -- a 34% premium to last night's close at $17.15, and territory not seen since early November. VRX stock has more than doubled in value since its late-April lows, and it could be benefiting from a short-squeeze situation. Specifically, short interest dropped 17.2% during the past two reporting periods. 

Groupon Stock Upgraded at B. Riley 

B. Riley upgraded Groupon stock to "buy" from "neutral," guiding the shares 2.9% higher in pre-market trading. Shares of GRPN settled at $3.44 on Wednesday, narrowly in positive year-to-date territory, though they've lost steam since their 2017 peak of $4.80 from late February. In the options pits, traders have displayed an overwhelming preference for long Groupon calls over puts. For example, the stock has a 10-day call/put volume ratio of 25.28 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 97th percentile of its annual range. 

JPM stock Ready to Rally After Stress Test

Bank stocks have been hot this week, and that trend is set to continue today in a big way. JPMorgan stock is just one financial name up big before the open, set to jump 3.1% out of the gate, after the Fed approved U.S. banks' capital plans after they passed the latest series of stress tests. What's more, Credit Suisse raised its price target on JPM shares to $102 from $99. This represents all-time-high territory for the stock, which settled yesterday at $89.82. Even though the blue chip has added 44.4% year-over-year, 10 of 18 covering analysts rate it a "hold" or "strong sell." As such, more bullish attention could come through and help JPMorgan Chase on the charts. 

 

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