Notable Upgrades: BofA (BAC), SanDisk (SNDK), Fitbit (FIT), Microchip Technology (MCHP), Micron (MU)

Analysts at Nomura are out with a report this morning upgrading shares of Bank of America Corporation (BAC) with a ‘Buy’ from ‘Neutral’ rating.

Bank of America Corp. shares are currently priced at 16.71x this year’s forecasted earnings, compared to the industry’s 20.65x earnings multiple. Ticker has a forward P/E of 9.88 and t-12 price-to-sales ratio of 2.04. EPS for the same period is $0.96.

In the past 52 weeks, shares of Charlotte, North Carolina-based banking giant have traded between a low of $14.60 and a high of $18.48 and are now at $15.99.

Shares are down 1.11% year-over-year and 11.70% year-to-date.

Analysts at JP Morgan (JPM) upgraded their rating on the shares of SanDisk Corp. (SNDK). In a research note published on Tuesday, the firm lifted the name with a ‘Overweight’ from ‘Neutral’ rating.

On valuation measures, SanDisk Corp. shares are currently priced at 21.60x this year’s forecasted earnings compared to the industry’s 12.34x earnings multiple. Ticker has a PEG and forward P/E ratio of 1.97 and 12.83, respectively. Price/Sales for the same period is 1.79 while EPS is $2.56. Currently there are 10 analysts that rate SNDK a ‘Buy’, 17 rate it a ‘Hold’. 2 analysts rate it a ‘Sell’. SNDK has a median Wall Street price target of $68.50 with a high target of $85.00.

Microchip Technology Inc. (MCHP) was raised to ‘Overweight’ from ‘Neutral’ at JP Morgan on Tuesday. The upgrade came after the company raised its guidance for net sales and EPS for second quarter of fiscal 2016. Microchip guided Q2 revs of $545-$563 million, as compared to analysts’ expectations of $550.48 million. The management also gave its bottom line range of $0.60-$0.66 per share, against projections of $0.62 per share.

MCHP is up $3.15 at $44.15 on heavy volume. Midway through trading Tuesday, 2.90 million shares of Microchip Technology Inc. have exchanged hands as compared to its average daily volume of 2.93 million shares. The stock has ranged in a price between $42.65 to $44.38 after having opened the day at $43.52 as compared to the previous trading day’s close of $41.00.

Over the past year, shares of Chandler, Arizona-based developer of semiconductor products for various embedded control apps have traded between a low of $36.92 and a high of $52.44.

Shares are down 7.79% since the beginning of the year.

Fitbit Inc. (FIT) was upgraded to ‘Overweight’ from ‘Equal-Weight’ by Morgan Stanley (MS) analysts on Tuesday. The broker also raised its price target on the stock to $58 noting the wearable maker retains leadership in a $10 billion, fast-growth market despite the Apple Watch (AAPL) release.

FIT is currently printing a normal trading volume with the issue trading 4.8 million shares, compared to the average volume of 6.08 million. The stock began trading this morning at $34.53 to currently trade 8.44% higher from the prior days close of $31.88. On an intraday basis it has gotten as low as $34.10 and as high as $35.89.

Fitbit Inc. shares are priced at 44.47x this year’s forecasted earnings, compared to the industry’s 39.14x earnings multiple. The company’s next year EPS growth estimates stand at 29.70% compared to the industry growth rate of 20.10%. FIT has a t-12 price-to-sales ratio of 5.23. EPS for the same period registers at $0.78.

Fitbit shares have declined 28.52% in the last 4 weeks, while  advancing 16.51% in the last three months. Over the past 5 trading sessions the stock has lost 5.68%. The San Francisco, Calif.-based company, which is currently valued at $7.13 billion, has a median Wall Street price target of $52.00 with a high target of $79.00.

Micron Technology, Inc. (MU) had its rating hiked to ‘Buy’ from ‘Neutral’ by MKM Partners today. The firm set its target price at $23 noting in aggregate, they think the risk-reward has turned positive as the company approaches FY 2016.

MU shares recently gained $0.43 to $17.25. The stock is down 48.94% year-over-year and has lost roughly 52% year-to-date. In the past 52 weeks, shares of Boise, Idaho-based company have traded between a low of $13.50 and a high of $36.59.

Micron Technology Inc. closed Friday at $16.82. The name has a current market cap of $18.57 billion.

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