The Blue Chip Stock Trading at Record Highs

Plus, Peabody Energy stock is pushing higher

Oct 10, 2017 at 10:19 AM
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Analysts are weighing in on cybersecurity stock Palo Alto Networks Inc (NYSE:PANW), coal concern Peabody Energy Corporation (NYSE:BTU), and Dow component Caterpillar Inc. (NYSE:CAT). Here's a quick roundup of today's bullish brokerage notes on shares of PANW, BTU, and CAT.

Palo Alto Networks Stock Gaps Higher On Upgrade

Palo Alto Networks stock is up 3.2% to trade at $151.16, after Morgan Stanley upgraded the cybersecurity concern to "overweight" from "equal weight" and raised its price target to $185 from $150. Though boasting a 20.7% year-to-date lead, PAWN shares have had a bit of a rocky run in 2017. After peaking near $157.50 in February, the equity plummeted to a two-year low of $107.31 on April 5, only to go on to enjoy earnings-fueled bull gaps in June and September. Of the 33 analysts following the security, more than three-quarters rate it a "buy" or better, with not a single "sell" in sight.

Peabody Energy Stock Pops

Another stock inching higher this morning is Peabody Energy, last seen trading 1.7% higher at $29.84, after Macquarie raised its price target to $32 from $30. The equity seems to have found its sea legs since dropping to an annual low of $22.58 on June 23, recently enjoying support from its 50-day moving average. Analysts are certainly remaining upbeat, with four of six rating the equity a "strong buy."

Upgrade Sends Caterpillar Stock to Record High

Caterpillar stock hit a record high of $127.95 earlier, after J.P. Morgan Securities raised its price target on the blue chip to $125 from $120, citing a strong performance from the machinery sector as a whole. CAT shares were last seen trading 0.7% higher at $127.79. The security has been tearing up the charts, tacking on 45% in value over the past 12 months. While the shares' 10- and 20-day moving averages have provided support in recent weeks, their 50-day moving average neatly contained its June and July pullbacks.

Options traders on the International Securities Exchange (ISE), Chicago Board Options exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have had quite the bullish appetite of late. CAT sports a 10-day call/put volume ratio of 1.18, which ranks in the 92nd annual percentile. In other words, options players have favored long calls over puts at an unusual rate.


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