Options traders have been buying calls at an unusual pace on Apple stock
Analysts are weighing in on FAANG stock Apple Inc. (NASDAQ:AAPL), Jeep parent Fiat Chrysler Automobiles NV (NYSE:FCAU), and tech name VMware, Inc. (NYSE:VMW). Here's a quick roundup of today's bullish brokerage notes on shares of AAPL, FCAU, and VMW.
Canaccord Genuity Says Apple Sales Steady Ahead of iPhone 8 Launch
Apple stock is up fractionally to trade at $159.83, after Canaccord Genuity reiterated its "buy" rating and $180 price target, citing encouraging iPhone sales ahead of the September iPhone 8 release. Apple is also making headlines, with
The New York Times reporting the company is scaling back its plans for a
self-driving car. Apple stock is still up 47% year-over-year, and touched a
new record high of $162.51 last Wednesday, Aug. 16.
Against this backdrop, options traders have had a higher-than-usual appetite for long calls relative to puts lately. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AAPL's 10-day call/put volume ratio of 2.51 ranks in the 86th percentile of its annual range.
Spinoff Rumors Have Fiat Chrysler Stock Revving Its Engine
Fiat Chrysler shares are up 5.2% to trade at $14.17, fresh off a new record high of $14.25, after Jefferies raised its price target on the car name to $19 from $14. This comes amid rumors Fiat Chrysler is considering a spin off of its upscale
Maserati and Alfa Romeo brands, per Bloomberg.
FCAU stock has now doubled in value year-over-year, and more upbeat analyst attention could be on the horizon. In fact, 40% of brokerages maintain a "sell" or worse rating, while the average 12-month price target of $15.79 stands just 11.5% from current trading levels.
VMware Stock Gets Another Lofty Price Target Ahead Of Earnings
VMW shares are up 0.6% to trade at $100.48, hitting a three-year high of $100.68 not long ago, after receiving a price-target hike to $125 from $113 at RBC. This new goal sits in uncharted territory for the stock, and represents a 24% increase from today's price. VMW stock broke out above its 50-day moving average in late July, and is now boasting a 27.6% year-to-date.
And while
short interest is at a record high on VMware ahead tomorrow night's earnings report, options traders have been buying to open calls over puts at a faster-than-usual clip. The stock's 10-day call/put volume ratio of 3.55 at the ISE, CBOE, and PHLX ranks in the elevated 69th annual percentile.