Tesla Motors and Qualcomm Benefit from Respective Upgrades, and 3 More Hot Stocks
Tesla Motors (NASDAQ:TSLA): Investment firm Wedbush has lifted Tesla’s price target for shares to $240 from $180, based on its confidence that there is a large pool of demand for Tesla’s Gen III vehicle, which will command a price of around $35,000 — half the cost of its Model S sedan. Tesla shares were also given an Outperform rating, up from Neutral; shares are up nearly 3.5 percent in response.
Qualcomm Corp. (NASDAQ:QCOM): Stifel’s Sanjiv Wadhwani initiated coverage of Qualcomm’s stock with a Buy rating on Tuesday and an $80 price target. “Qualcomm’s high-margin, cash-generating licensing business looks to continue to grow in the coming years with 4G LTE rollouts, including at the world’s largest carrier — China Mobile, which should provide a nice tailwind to the licensing business in 2014,” Wadhwani said.
BlackBerry (NASDAQ:BBRY): Tanking phone shipments, enormous layoffs, and large uncertainties around its merger and acquisition have pushed BlackBerry to take out a major media campaign to inform the public that it’s not going anywhere, the Washington Post reports. An open letter aimed to “set the record straight” about the firm’s viability for the future will be featured in several prominent newspapers, including the Post and The Wall Street Journal, as well as through BlackBerry’s social media channels.
FedEx (NYSE:FDX): FedEx announced a new 32 million-share repurchase program, which will be tacked on to the 7.4 million shares that are still outstanding from the logistics company’s last round of buybacks. “The stock buyback plan reaffirms our confidence in the company’s strategy and long-term growth potential. It also demonstrates our ongoing commitment to delivering value to our share owners,” said Frederick W. Smith, FedEx’s chairman, president, and CEO.
Novogen Ltd. (NASDAQ:NVGN): Novogen shares are surging nearly 70 percent after Seeking Alpha contributor Small-Cap Momentum Advisors called the stock “the most exciting opportunity … in the biotech sector in years.” Seeking Alpha observes that the author points out a “hidden jewel” in the company’s annual report, which he says indicates “that a major pharmaceutical company with an extensive background in ovarian cancer treatment … may partner with Novogen.”