And another analyst sees an extended push higher for NVDA
Sirius XM Holdings Inc. (NASDAQ:SIRI) and Nvidia Corporation (NASDAQ:NVDA) stocks have both been winners in recent years, and are again gaining today following bullish brokerage attention. Below we'll take a closer look at shares of SIRI and NVDA after the analyst notes.
Deutsche Bullish On SIRI Stock
Shares of Sirius XM are trading up 1.8% at $5.57, after Deutsche Bank upgraded the stock to "buy" from "hold" and lifted its price target to $6.50 from $5.25. SIRI hasn't traded above $6 since 2006, but it's been trending higher in recent years, including a 19% rally over the past 12 months. More recently, the security's been consolidating above its 200-day moving average.
Short interest is sill elevated, though it's been edging lower in recent reporting periods. As of now, more than 16% of the float is dedicated to short interest -- which equates to more than two weeks' worth of buying power, going by average daily trading volumes. A continuation of this short-covering trend could help keep Sirius XM moving higher on the charts.
Plus, it's worth noting this may not be the last bull note we see for SIRI, since the majority of analysts in coverage still have "hold" or "strong sell" ratings in place. The average 12-month price target of $5.85 doesn't price in much upside, either.
BAML Sees More Upside For NVDA Stock
Meanwhile, shares of Nvidia are trading up 1.8% at a new record high of $228.50, thanks to a price-target hike at BofA-Merrill Lynch to $275 from $251 -- representing upside of over 20% from current levels. The stock had already more than doubled in the past year.
Options data suggests traders have been betting on more upside. This is according to the 10-day call/put volume ratio of 1.63 from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the top quartile of the annual range. Said simply, call buying has been unusually popular in recent weeks.