Amazon.com, Inc. (NASDAQ:AMZN) spiked 3.13% in pre-market trading up to $480.97 after Evercore ISI analyst Ken Sena upgraded the ecommerce company from Hold to Buy, though he left his price target unchanged at $585. Sena noted that Amazon shares have fallen about 12% since the company released second quarter earnings, the analyst continues to “appreciate Amazon’s scale and opportunity for margin expansion within two large and growing addressable markets: Online Retail and Cloud.” Amazon is demonstrating “strengthening secular presence, which is manifesting itself in an improved margin profile and overall outlook.” Sena believes that Amazon still has room to grow its market share in both global ecommerce and software opportunity. Out of the 32 analysts polled by TipRanks in the last 3 months, 29 are bullish on Amazon and 3 are neutral. The average 12-month price target is $623.40, marking a 34% potential upside from where shares last closed.
Seadrill Ltd (NYSE:SDRL) jumped 9.94% in pre-market trading up to $6.97. Following recent volatility in China’s stock market, oil prices stabilized once the country announced that its central bank will back the economy. According to Reuters, US crude increased by $0.15 a barrel and brent increased by $0.20 a barrel. China’s steep losses in the past week have reverberated throughout global markets, but U.S. market climbed again to recoup some of the losses. However, the price of oil remains uncertain as Iran plans to increase production following the lift of international sanctions. According to TipRanks, 3 analysts have rated Seadrill in the last 3 months. One of the analysts is neutral on the stock while 2 are bearish. The average 12-month price target on the stock is $10.00, marking a 58% potential upside from where shares last closed.
Sarepta Therapeutics Inc (NASDAQ:SRPT) is up 4.67% in pre-market trading to $34.10 after yesterday’s after-hours announcement that the FDA granted priority review for eteplirsen; a treatment for Duchenne muscular dystrophy. Priority review is a status offered to drugs that offer further benefits over existing drugs, or to drugs that aim to treat illnesses that do not have adequate therapies. The FDA will make a final decision on the drug by February 26, 2016. In light of the news, Brian Skorney of Baird reiterated an Outperform rating on Sarepta with a $47 price target. Skorney equates this pending NDA with that of BioMarin’s pipeline DMD candidate, noting, “We expect both drugs to be the subject of a joint Advisory Committee meeting tentatively scheduled for November 23/24. Both drugs were recently awarded Rare Pediatric Disease Designation from the FDA, setting each up for a valuable voucher. Ultimately, we believe the FDA decision for both drugs will likely be the same, whatever that is.” According to the 7 analysts polled by TipRanks in the last 3 months, 5 analysts are bullish on Sarepta and 2 are neutral. The average 12-month price target on the stock is $43.33, marking a 33% potential increase from where shares last closed.
Google Inc (NASDAQ:GOOGL) shares increased 4.17% in pre-market trading to $25.53 after Heather Bellini of Goldman Sachs upgraded the stock from Neutral to Conviction Buy and increased her price target from $660 to $800. The analyst commented that the omnipresent search engine is beginning a “multi-year cycle” of margin expansion, which will serve as a catalyst for future earnings. The analyst is also optimistic about the future impact of YouTube and mobile search. Bellini explained, “Accelerating monetization in mobile search and YouTube coupled with an eye on expenses at the core is continuing to bear fruit and see the new operating framework and cost initiatives set forth by the new CFO impacting CY16 and beyond.” According to the 32 analysts polled by TipRanks in the last 3 months, 29 analysts are bullish on Google and 3 are neutral. The average 12-month price target on the company is $769.03, marking a 25% potential upside from where shares last closed.