Analyst Upgrades: FedEx Corporation, Activision Blizzard, Inc., and Medtronic PLC

Analysts upwardly revised their ratings and price targets on FedEx Corporation (NYSE:FDX), Activision Blizzard, Inc. (NASDAQ:ATVI), and Medtronic PLC (NYSE:MDT)

Josh Selway

Mar 17, 2016 at 9:17 AM

Analysts are weighing in on delivery stock FedEx Corporation (NYSE:FDX), video game producer Activision Blizzard, Inc. (NASDAQ:ATVI), and medical technology firm Medtronic PLC (NYSE:MDT). Here's a quick roundup of today's bullish brokerage notes on FDX, ATVI, and MDT.

FDX is up almost 6% ahead of the bell, thanks to a fiscal third-quarter earnings beat. Deutsche Bank was one of at least five brokerages to raise its expectations on the stock, moving its price target up to $190 -- all-time-high territory (though Nomura cut its price target to $180 from $190). There's potential for additional bullish notes from the Street, too, since seven of the 15 analysts that cover FDX say it's just a "hold." After closing Wednesday at $144.27, FedEx Corporation is poised to take out recent resistance in the $145 area out of the gate, and move back into the black on a year-to-date basis.
ATVI hit a five-month low of $26.49 last month after a disappointing earnings report. Since then, though, the shares have gained almost 24% to trade at $32.79, and Barclays sees more upside ahead. Specifically, the brokerage firm moved its price target up to $35 from $32. Short sellers aren't quite so confident. Short interest on Activision Blizzard, Inc. exploded by roughly 39% in the last reporting period alone, and accounts for a healthy 5.6% of the stock's total float.

MDT will try to overcome the pesky $78-$79 area that's been blocking its breakout attempts in recent months, with the help of a fresh "buy" rating at Nomura -- which also set its price target at $86, representing an all-time high. In the options pits, traders have been positioning themselves bearishly. Medtronic PLC's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at 1.54 -- higher than 87% of similar readings from the past year. As of Wednesday's close, MDT was trading at $76.65.

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