Notable Upgrades: Qorvo, Inc. (QRVO), Tesla Motors (TSLA), Whole Foods (WFM), Amazon.com (AMZN), Activision Blizzard (ATVI)

Analysts at Needham are out with a report this morning upgrading shares of Qorvo, Inc. (QRVO) with a ‘Buy‘ from ‘Hold‘ rating. The firm set its price target for the company to $88.

Qorvo, Inc on Wednesday reported Q4/15 results that beat Wall Street estimates. Revenue in the three months ended in March rose to $635 million, yielding EPS of $1.11, well above consensus of $623 million and $0.87 per share.

On valuation measures, the wireless chip maker’s shares are currently priced at 115.22x this year’s forecasted earnings, which makes them quite expensive compared to the industry’s 11.49x earnings multiple. Ticker has a forward P/E of 12.70. EPS for the same period is $0.65.

In the past 52 weeks, shares of Greensboro, North Carolina-based company have traded between a low of $63.02 and a high of $85.63 and are now at $74.55. Shares are up 5.85% year-to-date.

Analysts at JPMorgan (JPM) kept their ‘Underweight’ rating on the shares of Tesla Motors, Inc. (TSLA). In a research note published on Thursday, the banking giant upped its 12-month base case estimate on the name to $178. Deutsche Bank (DB) also kept its $245 target on TSLA, saying it sees “excellent” execution.

On valuation measures, Tesla Motors shares currently have a PEG and forward P/E ratio of 4.12 and 64.08, respectively. T-12 price/sales is 9.06 while EPS is ($2.36). Currently there are 12 analysts that rate TSLA a ‘Buy’, 7 rate it a ‘Hold’. 1 analyst rates it a ‘Sell’. TSLA has a median Wall Street price target of $275.00 with a high target of $400.00.

Whole Foods Market, Inc. (WFM) was raised to ‘Outperform‘ from ‘Sector Perform‘ and it was given a $51 from $54 price target at RBC Capital Markets on Thursday.

WFM is down $4.46 at $43.26 on heavy volume. Midway through trading Thursday, 24.44 million shares of Whole Foods Market Inc. have exchanged hands as compared to its average daily volume of 3.85 million shares. The stock ranged in a price between $41.03 – $43.85 after having opened the day at $41.54 as compared to the previous trading day’s close of $47.72.

In the past 52 weeks, shares of Austin, Texas-based retailer of organic foods have traded between a low of $36.08 and a high of $57.57. Shares are up 0.65% year-over-year ; down 4.88% year-to-date.

Amazon.com Inc. (AMZN) was reiterated a ‘Outperform’ by Bernstein analysts on Thursday. The broker also raised its price target on the stock to $600 from $450, implying 33% expected upside.

AMZN is currently printing a normal trading volume with the issue trading 1.90 million shares, compared to the average volume of 3.63 million. The stock began trading this morning at $424.15 to trade 2.19% higher from the prior days close of $419.10. On an intraday basis it has gotten as low as $422.85 and as high as $428.46.

AMZN shares have advanced 11.94% in the last 4 weeks and 14.90% in the past three months. Over the past 5 trading sessions the stock has lost 2.39%.

The Seattle, Washington-based e-commerce giant, which is currently valued at $198.89 billion, has a median Wall Street price target of $462.50 with a high target of $535.00. Amazon.com Inc. is up 40.93% year-over-year, compared with a 10.90% gain in the S&P 500.

Shares of Activision Blizzard, Inc. (ATVI) gained more than 5% after Barclays this morning raised its price target on the shares to $27 from $25, and reiterated an ‘Overweight’ rating.

ATVI is up $1.30 at $24.50 on heavy volume. Midway through trading Thursday, 10.22 million shares of Activision Blizzard Inc. have exchanged hands, well above of its 3-month average daily volume of 4.29 million shares.

In the past 52 weeks, shares of Santa Monica, California-based company have traded between a low of $17.73 and a high of $24.60. Shares are up 21.37% year-over-year ; up 16.31% year-to-date.

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