The Solar Stock Near New Highs After Earnings

One brokerage firm thinks LOGM shares are headed to record-high territory

Jul 28, 2017 at 9:48 AM
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Analysts are weighing in on Dow stock Intel Corporation (NASDAQ:INTC), alternative energy name First Solar, Inc. (NASDAQ:FSLR), and cloud firm LogMeIn Inc (NASDAQ:LOGM). Here's a quick roundup of today's bullish brokerage notes on shares of INTC, FSLR, and LOGM.

Intel Stock Jumps on Earnings Beat, Upbeat Forecast

Intel shares are up 1.6% to trade at $35.57, after the chipmaker reported better-than-expected second-quarter earnings, and raised its full-year forecast. Price-target hikes from Canaccord Genuity (to $38), Loop Capital (to $45), and SunTrust Robinson (to $39) are stoking the bullish flames. 

Intel has been on the mend since skimming annual-low territory near $33.20 on July 10, and today's move higher could have the shares filling a late-June bear gap -- and potentially closing north of their 10-week moving average for the firs time since June 2.

A continued rise could encourage more analysts to change their tune on Intel stock. Of the 27 brokerages covering the shares, 11 maintain a "hold" or worse recommendation.

Cowen Eyes New Highs for FSLR Shares

First Solar stock is trading 10.4% higher at $49.49, one penny shy of matching its Aug. 4 annual high, fueled by the company's earnings beat and upwardly revised outlook. In response, Cowen raised its FSLR price target for the second time this week -- to $57 from $52, territory FSLR stock hasn't seen since April 2016. Baird and Deutsche Bank also lifted their respective price targets to $50.

Since bottoming at a four-year low of $25.56 in early April, the security has nearly doubled in value -- thanks in part to a more than 42% drop in short interest since the May 1 reporting period. Considering it would take more than six sessions at the stock's average pace of trading to cover the remaining bearish bets, there's still ample room for a continued round of short covering to lift the shares even higher.

LOGM Stock Upgraded at KeyBanc After Earnings

No fewer than four analysts weighed in on LogMeIn shares after the company reported a second-quarter earnings beat. Included in the bunch was KeyBanc, which raised its rating to "overweight" and its price target by $10 to $140 -- in uncharted territory for the stock. Out of the gate, LOGM stock has jumped 7.6% to trade at $120, bringing it within striking distance of its May 5 all-time peak of $123.95.

With the security now up roughly 25% year-to-date, short sellers may be encouraged to throw in the towel. Short interest jumped 13.3% in the most recent reporting period to 2.57 million shares, or 4.9 times LOGM's average daily pace of trading.

 

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