AMD, SHOP, and W all received bull notes today
The broader market is on the rise today, and a few stocks in particular are seeing tailwinds after bull notes.
Barclays sees potential upside for Advanced Micro Devices Inc (NASDAQ:AMD), and upgraded the stock to "overweight" from "equal weight," with a price-target hike to $85 from $70. The firm upgraded several chip stocks, claiming the U.S. semiconductor sector just had its worst correction since the tech bubble of the late 1990's. Truist Securities threw in a bull note as well, raising its price target to $79 from $70. At last glance, Advanced Micro Devices stock was up 7.7% to trade at $75.48, and is currently up 15.9% year-to-date.
Shopify Inc (NYSE:SHOP) stock is up 6% at $42.92 at last check, after Deutsche Bank upgraded the SHOP to "buy" from "hold" and hiked its price target to $50 from $40. The firm sees more than 20% upside for the stock as more brands move to the platform. The equity is fresh off its fourth-straight week of gains, and is already up 23.8% since the start of 2023. Options bulls have been targeting the stock with a fervor amid the positive price action. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), SHOP's 10-day call/put volume ratio of 3.39 and its 50-day call/put volume ratio of 2.48 both rank in the 98th percentile of its annual range.
Wayfair Inc (NYSE:W) stock is soaring to its highest level since August, up 24.3% at $58.17 at last look, after several bull notes. J.P. Morgan securities double-upgraded the shares to "overweight" from "underweight," with a price-target hike to $63 from $35, saying its time to buy the stock on the dip. Plus, Wedbush upgraded W to "outperform," and BofA Global Research hiked its rating to "buy." No fewer than four other analysts raised their price targets as well.