Bullish Brokerage Note Sends GM Up to Three-Year Highs

GM rallied up to a new three-year high after a bullish brokerage note

by Emma Gilkey

Published on Sep 21, 2017 at 10:25 AM

Analysts are weighing in on financial software company Intuit Inc. (NASDAQ:INTU), automotive concern General Motors Company (NYSE:GM), and semiconductor specialist Texas Instruments Incorporated (NASDAQ:TXN). Here's a quick roundup of today's bullish brokerage notes on shares of INTU, GM, and TXN.

Wells Fargo Sees New Highs for INTU Stock

Wells Fargo upgraded INTU stock to "outperform," and raised its price target to $163 from $110. The QuickBooks parent is trading up just 0.1% at $145.13 at last check, hovering below Tuesday's new record high of $146.04. Year-over-year, INTU has advanced 31%.

Options players are also optimistic. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), INTU carries a 50-day call/put volume ratio of 3.13, which ranks in the 82nd percentile of its annual range -- suggesting calls have been bought to open at a faster-than-usual clip relative to puts. 

GM Breaks Out After Bullish Nod from Morgan Stanley

Morgan Stanley raised its GM price target to $43 from $40 early this morning, and the stock is currently trading up 0.4% at $39.05. GM earlier touched an intraday peak of $39.24, marking its highest price since January 2014.

The automotive stock's breakout to new highs could spook some of the short sellers who have recently placed bets against GM. Short interest ramped up by 17.6% over the past two reporting periods, and the current accumulation of shorted shares represents six times GM's average daily trading volume.

TXN Extends 80-Day Bounce

BMO raised its price target on TXN to $105 from $92, sending the stock up 0.4% to $86.19. TXN shares are fresh off another successful test of their 80-day moving average, having tagged a 17-year high of $87.24 as recently as Tuesday. 

However, traders have been betting against the Apple supplier. Short interest ramped up by more than 11% over the past two reporting periods, with these bearish bets starting to accumulate again after dwindling to a multi-year low in mid-August.

a schaeffer's exclusive


We're celebrating 38 years with this FREE insider report!



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

What's Next for the American Wealth Gap
Porter Stansberry is predicting a major change in the American economic system.
GDP, Consumer Spending Data in Post-Fed Spotlight
Next week will feature the final second-quarter GDP and fresh housing market data
Oversold Pot Stock Catches a Lift
PRVB stock is eyeing its lowest close in months, while IGC stock is set for a big win
What's Next for the American Wealth Gap
Porter Stansberry is predicting a major change in the American economic system.