MRVL and SGMO are trading at multi-year highs after bull notes from Barclays
Analysts are weighing in on semiconductor specialist Marvell Technology Group Ltd. (NASDAQ:MRVL), cybersecurity expert Palo Alto Networks Inc (NYSE:PANW), and biotech stock Sangamo Therapeutics Inc (NASDAQ:SGMO). Here's what's moving shares of MRVL, PANW, and SGMO.
Barlcays Upgrades Marvell Stock
Barclays is weighing in on Marvell Technology stock after the company's big M&A announcement earlier this week. The brokerage firm upgraded MRVL shares to "overweight" from "equal weight" and lifted its price target to $30 from $20, representing territory not seen since mid-2016. The equity is up another 1.3% today at $23.59, earlier touching an 11-year peak of $24.22.
Even though MRVL is up roughly 70% in 2017, close to half covering brokerage firms have "hold" ratings on the stock. As such, another round of bullish analyst attention could come through and provide tailwinds.
Another Post-Earnings Bull Note for PANW Stock
Imperial Capital this morning upped its price target on Palo Alto Networks stock to $175 from $165 -- multi-year-high territory -- and the shares are slightly higher as a result, last seen at $149.50. PANW gapped higher yesterday thanks to a strong earnings report, but finished well off its high of $156.80. Still, most analysts share Imperial's upbeat outlook. As it stands now, 26 of 33 brokerage firms have "strong buy" or "buy" ratings on PANW.
Barclays Expects SGMO Stock's Rally to Continue
Shares of Sangamo Therapeutics are trading 2.7% higher at $15.50, thanks to a fresh "buy" endorsement at Barclays, which set its price target at $20. SGMO stock hasn't traded north of $20 since early 2014, though it sports a year-to-date advance of roughly 400%. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows options traders have been unusually bearish in recent weeks, however. For instance, SGMO's 10-day put/call volume ratio of 0.95 ranks in the high 92nd annual percentile, showing put buying has rarely been more popular during the past year, relative to call buying.