Tuesday Morning’s Market Insights: Seadrill Ltd (SDRL), Fitbit Inc (FIT), Intel Corporation (INTC)
Seadrill Ltd (NYSE:SDRL) is up 4% in pre-market trading this morning following news that U.S. stock futures rose earlier today due to a slight increase in crude oil prices. Earlier this week, crude oil prices faced pressure due to international demand fears as China’s economic weakness grows. According to TipRanks’ statistics, 2 analysts have rated the company in the past 3 months, both with a Sell rating. The average 12-month price target for the stock is $5.00, marking a 38% upside from where shares last closed.
Fitbit Inc (NYSE:FIT) is up close to 2% in pre-market trading this morning. Earlier today, analyst Matthew McClintock of Barclays weighed in on the stock due to recent positive developments, including its #1 position in the Apple app store and strong holiday sales figures. The analyst maintained his overweight rating for the company with a $49 price target, stating, “We believe the strong performance of the Fitbit app is indicative of robust sales of Fitbit products over the holiday season as new users set up their devices” and expressed bullish sentiment about future sales in 2016. According to TipRanks’ statistics, out of the 11 analysts who have rated the company in the past 3 months, 9 gave a Buy rating while 2 remain on the sidelines. The average 12-month price target for the stock is $48.20, marking a 61% upside from where shares last closed.
Intel Corporation (NASDAQ:INTC) is up close to 1% in pre-market trading this morning. After the company completed its ALTR acquisition yesterday, analyst Christopher Danely reiterated his Neutral rating on the stock, stating that although the deal will result in positive earnings for the company, it’s a hefty expense. In order for Danely to have a more positive outlook on the company, he believes that Intel must either cut costs in its mobility division or the PC sector must improve overall. According to TipRanks’ statistics, out of the 27 analysts who have rated INTC in the past 3 months, 18 gave a Buy, 2 gave a Sell, and 7 remain on the sidelines. The average 12-month price target for the stock is $37.75, marking an 8% upside from where shares last closed.