NVIDIA Stock Signals Sixth Straight Win After Upgrade

GRUB shares have shot higher out of the gate, thanks to a bullish brokerage note

Jul 12, 2017 at 9:49 AM
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Analysts are weighing in on chip stock NVIDIA Corporation (NASDAQ:NVDA), online travel agent Yatra Online Inc (NASDAQ:YTRA), and food delivery service GrubHub Inc (NYSE:GRUB). Here's a quick roundup of today's bullish brokerage notes on shares of NVDA, YTRA, and GRUB.

NVDA Stock Rating Raised to "Buy" at SunTrust Robinson

SunTrust Robinson upgraded NVIDIA to "buy" from "hold," saying "there are still aspects of the company we think are under-appreciated." In reaction, NVDA shares are trading up 1.2% at $157.71, on track for their sixth straight daily gain. Longer term, the security has added nearly 48% in 2017, and hit a record high of $168.50 on June 9.

Nevertheless, roughly two-fifths of covering analysts still maintain a "hold" or "strong sell" rating, as of last night's close. This leaves the door open for more NVDA upgrades, which could draw additional buyers to the equity's table.

YTRA Stock Gets a Fresh "Outperform" Rating from Oppenheimer

Oppenheimer initiated coverage on Yatra shares with an "outperform" rating and $15 price target -- uncharted territory for the stock that first began trading last December. The shares have been rallying hard off their early March record lows near $7.70, up 60.3% to trade at $12.36, and fresh off yesterday's all-time peak of $12.78.

Part of this upside has likely been fueled by short sellers. Short interest on YTRA has been cut in half since its early May peak, and now accounts for less than 1% of the stock's available float.

Cowen and Company Upgrades GrubHub Shares

GRUB stock is up 3.9% out of the gate at $43.55, after Cowen and Company upgraded its rating on the food delivery stock to "outperform" from "market perform." The analysts also raised GRUB's price target to $54 from $45, implying expected upside of about 24% to Tuesday's close at $43.55. Today's pop has GrubHub shares bouncing off recent support at their 60-day moving average, and a rush to cover by some of the weaker bearish hands could help the stock's case. Currently, 31.2% of the stock's float is sold short, representing 11.3 times GRUB's average daily trading volume.

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