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Wednesday’s Market Insights: Seadrill Ltd (SDRL), GoPro Inc (GPRO), Tesla Motors Inc (TSLA), EXACT Sciences Corporation (EXAS)

By Kate George 

Seadrill Ltd (NYSE:SDRL) is up more than 6% in pre-market trading to $7.75 as oil prices continue to rally thanks to a recent report that the U.S. will begin to decrease production, which will help even out the oversupply. U.S. oil production is now down to its lowest levels since September 2014 at just nine barrels a day. Furthermore, the report highlights that global oil powerhouses are increasingly willing to work together to combat falling oil prices. The recent increase in oil prices have sent Asian stocks up to a recent high as well as continued the positive four-day trend for European stocks. According to the 3 analysts polled by TipRanks in the last 3 months, 2 analysts are bearish on the oil company while one is staying on the sidelines. The average 12-month price target is $9, marking a 23% potential upside from where the stock last closed.

GoPro Inc (NASDAQ:GPRO) is down 2.22% in pre-market trading after Meta Marshall of Morgan Stanley slashed his price target from $62 to $35 and reiterated an Equal Weight rating on the action camera company. GoPro shares are down approximately 65% in the last year as the company has seen its highs and lows since its record-breaking IPO last summer. Several analysts are shying away from the stock due to concerns of increased competition and fear that the product could be a fad, or even worse, a one-hit wonder. According to the 26 analysts polled by TipRanks who have rated GoPro in the last 3 months, 13 are bullish on the company and 3 analysts are staying on the sidelines. The average 12-month price target between these analysts is $70.08, marking a 128% potential upside from current levels.

Tesla Motors Inc (NASDAQ:TSLA) is down 1.80% in pre-market trading after the electric auto maker was downgraded from Outperform to Neutral by Ben Kallo at Baird, who also cut his price target from $335 to $282. The analyst is moving to the sidelines noting that though the Model X launch “was an important milestone,” he is uncertain of the timing in which the company will be able to ramp production. He also noted that the price point for the Model X was higher than anticipated, but on the bright side this could be a positive for the impending Model S. Kallo is staying on the sidelines until the Model III prototype is released. Out of the 18 analysts who have weighed in on Tesla on TipRanks in the last 3 months, 9 are bullish on the company, 4 are bearish, and 5 are staying on the sidelines. The average 12-month price target for Tesla is $303, marking a 25% potential upside from current levels.

Click here to see Ben Kallo’s past rating history and performance.

EXACT Sciences Corporation (NASDAQ:EXAS) is up more than 2% in pre-market trading to $10.19 after the biopharmaceutical plunged yesterday, losing half of its value after the Preventative Services Task Force labeled the company’s colon cancer test, Colonguard, as an “alternative” test, as opposed to a primary one. Several analysts have weighed in on the company in light of the report with both Buy and Neutral ratings. According to Smarter Analyst, Chris Lewis of Roth Capital remains optimistic and reiterated a Buy rating on the company. He noted that despite the disappointing report, Colonguard “has 57% coverage for its target market today and [he believes] the value proposition to payers, providers, and patients remains attractive.” Lewis believes the “sell-off is overdone” and recommends buying the stock at current levels. According to the 8 analysts polled by TipRanks in the last 3 months, 4 are bullish on the company and 4 are staying on the sidelines. The average 12-month price target for EXAS between these 8 analysts is $17.13, marking a 71% potential upside from current levels.

Click here to see Chris Lewis’ past rating history and performance.