Tower Semiconductor, Tesla Stocks Rise on Bull Notes

Sentiment has been mostly downbeat on Tesla in recent weeks

Oct 9, 2018 at 3:25 PM
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Stocks are volatile again, as focus remains on rising interest rates. Looking at three stocks making big moves, chip concern Tower Semiconductor Ltd. (NASDAQ:TSEM) and electric automaker Tesla Inc (NASDAQ:TSLA) are both trading higher on bullish analyst attention, while drugmaker Affimed NV (NASDAQ:AFMD) sinks. We'll take a closer look at shares of TSEM, TSLA, and AFMD below.

Jefferies' "Buy" Rating Boosts TSEM

Jefferies is bullish on underperforming TSEM stock, initiating coverage with a "buy" rating and $30 price target. The shares have gained 5.8% to trade at $21.17, but this still leaves them 37.9% lower on a year-to-date basis. In recent weeks, the 100-day moving average has emerged as resistance.

Surprisingly, most other analysts are also bullish on Tower Semiconductor. All four covering brokerage firms have a "buy" or "strong buy" rating in place, and the average 12-month price target is $30.88.

TSLA Gets Bullish Analyst Note

TSLA is trading up 5.3% at $263.95, after Macquarie began coverage with an "outperform" rating and $430 price target, forecasting a profitable second half of the year for the company. The price target represents an almost 63% premium to current levels, and territory never before explored. For the most part, Tesla shares have struggled mightily since an Aug. 7 high of $387.46, and are fresh off a five-day losing streak.

The bull note is welcomed, as much of the attention lately on TSLA has been negative. Overall, 11 of 15 covering brokerage firms have "hold" or worse ratings in place, and options sentiment has been bearish. 

Patient Death Rocks AFMD Shares

AFMD stock has lost 25.3% to trade at $3.46, after the company had to halt the drug trial for its cancer treatment because of serious adverse events, including the death of one patient. SunTrust Robinson responded by cutting its price target to $5 from $7, though it maintained its "buy" rating.

Today's loss extends Affimed's downtrend that's been in place since it surged to a two-year high of $7.35 back on Aug. 29. Still, the equity is up 135% year-to-date, and could now be finding support from the 50-day moving average,

 

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