Analyst Upgrades: Texas Instruments Incorporated, Hormel Foods Corp, and Resolute Energy Corp

Analysts upwardly revised their ratings and price targets on Texas Instruments Incorporated (NASDAQ:TXN), Hormel Foods Corp (NYSE:HRL), and Resolute Energy Corp (NYSE:REN)

Josh Selway

Aug 22, 2016 at 9:41 AM

Analysts are weighing in on semiconductor stock Texas Instruments Incorporated (NASDAQ:TXN), food specialist Hormel Foods Corp (NYSE:HRL), and oil-and-gas stock Resolute Energy Corp (NYSE:REN). Here's a quick roundup of today's bullish brokerage notes on TXN, HRL, and REN.

TXN saw its price target increased to $80 from $75 at RBC, and more bullish attention could come the stock's way. After all, 16 of 23 brokerage firms rate the shares a "hold" or worse, despite their 28% year-to-date advance. While off 0.2% this morning at $70.16, Texas Instruments Incorporated is a chip-shot from 16-year high territory, and sits just below its average 12-month price target of $71.57.

Credit Suisse upgraded its opinion on HRL to "outperform," and raised its price target to $43 from $38, citing favorable conditions in the industry. As such, the stock has jumped 3% to trade at $39.81, breaking into positive year-to-date territory. Plus, the 60-week moving average has served as support for the past four months. Hormel Foods Corp short sellers don't seem concerned, though. By the numbers, 10% of the stock's float is sold short, which equals 12 days' worth of buying power, at HRL's average daily volumes.

REN is nearly 4% lower out of the gate, despite a price-target hike to $25 from $15 at Wunderlich. The stock has absolutely exploded in recent weeks, thanks in part to a surprisingly strong earnings report earlier this month. For instance, Resolute Energy Corp closed June south of $3, but was hovering at $18.27 at last check. This blistering pace had pushed REN's 14-day Relative Strength Index (RSI) to 90 by last Friday's closing bell, which is well into overbought terrritoy. As such, today's drop shouldn't be too surprising.

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