Analysts are weighing in on blue chip Wal-Mart Stores Inc (NYSE:WMT), semiconductor specialist Marvell Technology Group Ltd. (NASDAQ:MRVL), and software stock Nuance Communications Inc. (NASDAQ:NUAN). Here's what's moving shares of WMT, MRVL, and NUAN.
RBC this morning upgraded Wal-Mart stock to "sector perform" from "underperform" and bumped its price target up to $96 from $92, saying it believes the company's investments will pay off in long-term growth. So far today the shares have added 0.6% to trade at $97.30, as this continue to consolidate below their Nov. 17 record high of $100.10. The security has seemingly found a short-term home atop the $96 level, as it's still trading more than four points above its 20-day moving average. Overall, WMT stock has added close to 10% in the past month alone.
Other analysts, though, have been slow to come around on the large-cap retailer. In fact, 57% of covering analysts still maintain "hold" or "strong sell" recommendations toward Wal-Mart. As such, the door is wide open for additional upgrades to come through.
Marvell Technology stock has also been on fire in recent weeks, up 35% during the past three months even before today, hitting an 11-year peak of $24.22 a week ago. Now the shares are up another 2% at $23.72, after the company yesterday announced a third-quarter top- and bottom-line beat, along with a strong current-quarter forecast. A handful of bull notes have since come through, with the highest price target coming from Susquehanna at $29.
In the meantime, call buying has remained hot across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The equity's 10-day call/put volume ratio at these exchanges stands at 3.39, meaning call buying has more than tripled put buying during the past two weeks.
Nuance Communications stock has rallied 8.8% to trade at $17.25, after the company's strong earnings report was met with price-target hikes from Deutsche Bank ($25) and Morgan Stanley ($19). On the other hand, Stifel lowered its target to $18. This marks the third straight day the shares have made a major upside move, not long after touching a 52-week low of $14.02 on Nov. 15. In fact, NUAN stock is now back above its 200-day moving average. This move is bad news for short sellers, who've been piling on Nuance in recent weeks. In the last reporting period alone, short interest rose by 14%