Analyst Calls Apple Stock a 'Buy' Ahead of iPhone 8 Release

Analysts expect a fresh record high for VMware stock

by Patrick Martin

Published on Aug 23, 2017 at 10:25 AM

Analysts are weighing in on FAANG stock Apple Inc. (NASDAQ:AAPL), Jeep parent Fiat Chrysler Automobiles NV (NYSE:FCAU), and tech name VMware, Inc. (NYSE:VMW). Here's a quick roundup of today's bullish brokerage notes on shares of AAPL, FCAU, and VMW.

Canaccord Genuity Says Apple Sales Steady Ahead of iPhone 8 Launch 

Apple stock is up fractionally to trade at $159.83, after Canaccord Genuity reiterated its "buy" rating and $180 price target, citing encouraging iPhone sales ahead of the September iPhone 8 release. Apple is also making  headlines, with The New York Times reporting the company is scaling back its plans for a self-driving car. Apple stock is still up 47% year-over-year, and touched a new record high of $162.51 last Wednesday, Aug. 16.

Against this backdrop, options traders have had a higher-than-usual appetite for long calls relative to puts lately. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AAPL's 10-day call/put volume ratio of 2.51 ranks in the 86th percentile of its annual range. 

Spinoff Rumors Have Fiat Chrysler Stock Revving Its Engine

Fiat Chrysler shares are up 5.2% to trade at $14.17, fresh off a new record high of $14.25, after Jefferies raised its price target on the car name to $19 from $14. This comes amid rumors Fiat Chrysler is considering a spin off of its upscale Maserati and Alfa Romeo brands, per Bloomberg.

FCAU stock has now doubled in value year-over-year, and more upbeat analyst attention could be on the horizon. In fact, 40% of brokerages maintain a "sell" or worse rating, while the average 12-month price target of $15.79 stands just 11.5% from current trading levels. 

VMware Stock Gets Another Lofty Price Target Ahead Of Earnings

VMW shares are up 0.6% to trade at $100.48, hitting a three-year high of $100.68 not long ago, after receiving a price-target hike to $125 from $113 at RBC. This new goal sits in uncharted territory for the stock, and represents a 24% increase from today's price. VMW stock broke out above its 50-day moving average in late July, and is now boasting a 27.6% year-to-date.

And while short interest is at a record high on VMware ahead tomorrow night's earnings report, options traders have been buying to open calls over puts at a faster-than-usual clip. The stock's 10-day call/put volume ratio of 3.55 at the ISE, CBOE, and PHLX ranks in the elevated 69th annual percentile.

a schaeffer's exclusive

5 HOT STOCK PICKS

Heat up your summer trading with this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


This Might Be the Ultimate Cannabis Stock
This innovative company could help investors see some major upside.
3 Drug Stocks Seeing Unusual Options Trading Today
The FDA approved Sesen's request to move manufacturing for its bladder cancer drug
BofA-Merrill Lynch: Buy This Shoe Stock Before Earnings
The brokerage firm thinks the retailer can rally another 26%
This Might Be the Ultimate Cannabis Stock
This innovative company could help investors see some major upside.