Analyst Upgrades: Tesla Motors, Inc., Zynga Inc., and Qorvo, Inc.

Analysts upwardly revised their ratings on Tesla Motors Inc (NASDAQ:TSLA), Zynga Inc (NASDAQ:ZNGA), and Qorvo Inc (NASDAQ:QRVO)

by Josh Selway

Published on May 7, 2015 at 10:02 AM
Updated on Jun 24, 2020 at 10:16 AM

Analysts are weighing in today on Elon Musk-led Tesla Motors Inc (NASDAQ:TSLA), game creator Zynga Inc (NASDAQ:ZNGA), and chip concern Qorvo Inc (NASDAQ:QRVO). Here's a quick roundup of today's bullish brokerage notes on TSLA, ZNGA, and QRVO.

  • TSLA is off 1.4% this morning at $227.10, even after the company's first-quarter numbers were better than expected. The majority of analysts have taken a bullish stance on Tesla Motors Inc, with 10 of 17 brokerage firms deeming it a "buy" or better. Then there's the stock's average 12-month price target, which stands at $263.59 -- an almost 20% premium to current levels. Just this morning, in fact, J.P. Morgan Securities raised its price target on the shares by $13 to $178 -- though this is still a major discount to the stock's current price.

  • ZNGA is 2.3% higher this morning at $2.67, thanks to first-quarter results that beat the Street's expectations and plans to cut jobs. Analysts have begun to weigh in, with no fewer than five brokerage firms raising their price targets on the stock -- plus Needham, which reinstated its "buy" rating and a $3.50 price target. On a technical basis, the stock has struggled, underperforming the S&P 500 Index (SPX) by 7.3 percentage points during the past three months. It may not be a surprise, then, to see speculators have taken a bearish approach. Zynga Inc's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.74 is higher than 95% of readings from the past year.

  • A strong fiscal fourth-quarter earnings report and higher-than-expected guidance has QRVO 8.2% higher at $74.71, and analysts are wasting no time chiming in. BMO was one of at least six brokerage firms that raised its price target on the security, setting its target at $97 -- territory not explored in over 13 years -- while Needham upgraded the equity to "buy" from "hold." Over the past 12 months, Qorvo Inc has been great on the charts, with the shares more than doubling in value. A quick look at the options pits shows traders have been placing bullish bets on QRVO. Specifically, over four calls have been bought to open for every put during the past two weeks at the ISE, CBOE, and PHLX.

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