Analyst Upgrades: NVIDIA Corporation, PTC Therapeutics, Inc., and AK Steel Holding Corporation
Analysts upwardly revised their ratings and price targets on NVIDIA Corporation (NASDAQ:NVDA), PTC Therapeutics, Inc. (NASDAQ:PTCT), and AK Steel Holding Corporation (NYSE:AKS)
Analysts upwardly revised their ratings and price targets on NVIDIA Corporation (NVDA), PTC Therapeutics, Inc. (PTCT), and AK Steel Holding Corporation (AKS)
Analysts are weighing in on visual computing specialist
NVIDIA Corporation (NASDAQ:NVDA), drug stock
PTC Therapeutics, Inc. (NASDAQ:PTCT), and steel stock
AK Steel Holding Corporation (NYSE:AKS). Here's a quick roundup of today's bullish brokerage notes for NVDA, PTCT, and AKS.
- After rallying almost 30% on Friday and notching a record high thanks to impressive earnings results, NVDA this morning saw its rating lifted to "buy" from "hold" at Needham. The brokerage firm also set a price target of $100, representing all-time-high territory, explaining that it sees "considerable upside as NVDA targets expanding markets." NVIDIA Corporation has been the best-performing S&P 500 Index (SPX) stock in 2016, adding 167% to trade at $87.97. Meanwhile, short sellers are likely licking their wounds. Short interest has continued to rise amid NVDA's rally, and at average daily volumes, it would now take more than nine sessions for these bears to cover -- hinting at an ample supply of buying power sitting on the sidelines.
- PTCT also gapped higher on Friday, and is set to add another 7.4% out of the gate, with futures sharply higher following an upgrade to "outperform" from "neutral" at Credit Suisse, which also raised its price target to $25 from $15. The bullish attention is certainly rare for PTC Therapeutics, Inc., as two-thirds of covering analysts rate the shares a tepid "hold." This isn't entirely surprising, since the biotech has dropped 65% of its value in 2016 to trade at $11.30, hitting a record low of $4.03 earlier this month.
- AKS has been fantastic on the charts this year, more than tripling in value on a year-to-date basis, with the shares notching a two-year high of $7.54 on Friday before closing at $7.50. Morgan Stanley is expecting further upside, too, raising its opinion to "overweight" from "equal weight," and boosting its price target to $11 from $5 -- territory not charted since August 2014. It would seem AK Steel Holding Corporation is in line for additional bullish attention in the near term. For instance, AKS shares are now trading above their average 12-month price target of $6.66, and eight of 11 brokerage firms still rate them a "hold" or a "strong sell."
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