3 Stocks Moving Higher on Analyst Upgrades

Options traders are targeting FL and PGR in particular

Deputy Editor
Mar 16, 2023 at 3:10 PM
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Though bank stocks have been center stage of late, there are plenty of other noteworthy stocks to take a look at. Specifically, we're taking a look at a few of the names moving on analyst notes. 

Options Traders Target Foot Locker Stock

Foot Locker Inc (NYSE:FL) is up 5% to trade at $43.10 at last glance, after Telsey Advisory upgraded the stock to "outperform" from "market perform," with a price-target hike to $50 from $39. The shares are attempting to break back above their 40-day moving average, which acted as support before Monday's bear gap. On track for its third-straight day of gains since that drop, the equity is up 14% year-to-date.  

Options traders are circling FL at four times the typical volume seen at this point, with 6,830 calls and 6,783 puts exchanged so far. The March 42 call is the most popular, followed by the April 35 put, with new positions being opened at the latter. 

Progressive Stock Moving Back Toward Highs

Wells Fargo upgraded Progressive Corp (NYSE:PGR) to "overweight" from "underweight," and raised its price objective to $158 from $116, boosting the stock 5.4% to trade at $142.34 at last glance. Longer term, PGR has support at its 100-day moving average, which caught this month's pullback after its Mar. 6 record high of $146.50. 

Call traders are targeting PGR amid the climb, with 2,715 calls across the tape so far -- triple the intraday average. The April 150 call is the most popular, followed by the May 145 call. 

Square Stock Continues Bounce

Block Inc (NYSE:SQ) received an upgrade from Mizuho to "buy" from "neutral," with a price-target hike to $93 from $80. SQ is up 1.5% at $75.21 at last glance, and on track for its third-straight day of gains. A confluence of moving averages helped provide support for the stock's most recent pullback, most notably the 120-day trendline. Year-over-year, the equity is down 35.2%, but hanging on to a 19.7% year-to-date lead. 


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