Analysts upwardly revised their ratings and price targets on Apple Inc. (AAPL), Pandora Media Inc (P), and QUALCOMM, Inc. (QCOM)
Analysts are weighing in on Mac maker
Apple Inc. (NASDAQ:AAPL), Internet radio provider
Pandora Media Inc (NYSE:P), and tech stock
QUALCOMM, Inc. (NASDAQ:QCOM). Here's a quick roundup of today's bullish brokerage notes on AAPL, P, and QCOM.
- Goldman Sachs reiterated its "conviction list buy" rating on AAPL, expecting the company to beat consensus earnings expectations in roughly two weeks. Additionally, Goldman cited "extremely strong" pent-up iPhone 7 demand, and said the stock could be "on the cusp of entering a cycle of earnings upgrades." In early trading, Apple Inc. has edged 0.4% higher to trade at $109.44, but is only slightly higher on a year-to-date basis. Goldman Sachs isn't the only brokerage firm backing AAPL, as 26 of 32 analysts have handed out a "buy" or better endorsement.
- P has rocketed 2.9% higher to $8.40, after Citigroup initiated coverage with a "buy" rating and $16 price target -- nearly doubling last night's settlement price. The bullish note may be a bit of a surprise, considering Pandora Media Inc sports a year-to-date loss of roughly 36%, with recent rebound attempts stifled by the stock's 80-day moving average. Short sellers have been flocking to the shares amid their long-term technical troubles. During the last two reporting periods, short interest on P jumped 13.1%, and now accounts for 15.2% of its total float. At the stock's average trading levels, it would take one week to buy back these bearish bets.
- QCOM saw its price target raised to $49 from $47 at Mizuho Securities. At last check, however, the stock was down 0.5% at $50.74. Since its March 7 high at $53.52, QUALCOMM, Inc. has been struggling to make headway under the weight of its descending 160-day moving average -- more or less trapped between the trendline and the round-number $50 level. This isn't terribly surprising, considering the stock's dreadful track record in April. Meanwhile, short-term options traders are more put-focused than usual. QCOM's Schaeffer's put/call open interest ratio (SOIR) of 1.01 ranks in the 94th percentile of its annual range.
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