Notable Upgrades: Palo Alto Networks (PANW), ImmunoGen (IMGN), NetEase (NTES), Dycom Industries (DY)

Analysts at Argus are out with a report this morning upgrading shares of Palo Alto Networks, Inc. (PANW) with a ‘Buy’ from ‘Hold’ rating. The firm set the name’s price target at $227.

In the past 52 weeks, shares of Santa Clara, California-based provider of enterprise security platforms have traded between a low of $112.22 and a high of $200.55 and are now at $182.51.

Shares are up 61.44% year-over-year and 49.18% year-to-date.

Analysts at Jefferies upgraded their rating on the shares of ImmunoGen, Inc. (IMGN). In a research note published on Wednesday, the firm lifted the name with a ‘Buy’ from ‘Hold’ rating, noting the next data on Mirvetuximab in Q2’16 could provide a catalyst.

Currently there are 4 analysts that rate IMGN a ‘Buy’, 5 rate it a ‘Hold’. One analyst rates it a ‘Sell’. IMGN has a median Wall Street price target of $16 with a high target of $24.

In a report published Wednesday, Goldman (GS) analysts initiated coverage on NetEase, Inc. (NTES) with a ‘Buy’ rating and $190 price target.

On valuation measures, Netease Inc. ADR shares currently have a PEG and forward P/E ratio of 0.95 and 2.80, respectively. Price/sales for the same period is 7.57 while EPS is $6.94.

In the past 52 weeks, shares of Beijing, China-based company have traded between a low of $94.17 and a high of $170.37 and are now at $168.82.

Shares are up 68.67% since the beginning of the year.

Dycom Industries Inc. (DY) was reiterated an ‘Outperform’ by FBR Capital analysts on Wednesday. The broker also raised its price target on the stock to $100 from $88 following another strong quarter (1Q16) and accelerating industry dynamics resulting in a solid outlook. The North Palm Beach, FL-based specialty contracting company reported EPS of $1.24 on revenue of $659.3 million, up from $510.4 million in the year-ago period. Analysts were expecting the company to earn $1.01 a share on revenue of $625.6 million.

For the upcoming 2Q, Dycom said it expects to earn between $0.52 – $0.60 cents a share, well ahead of the $0.39 consensus.

Dycom Industries Inc. shares dropped $0.92 to $87.64 in mid-day trading.

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