Amazon.com,Inc. (NASDAQ:AMZN) rose close to 1% in pre-market trading this morning following its inclusion as one of Cowen and Company’s “best ideas” for 2016. Analyst John Blackledge stated, “Amazon offers customers unparalleled value through selection, convenience and service,” and highlights Amazon Prime growth. Specifically, Prime members are diversifying their purchases on the site. The analyst also commented on its cloud service AWS, and adds that the stock offers value to investors. According to TipRanks’ statistics, out of the 30 analysts who have rated AMZN in the last 3 months, 26 gave a Buy rating while 4 remain on the sidelines. The average 12-month price target for the stock is $739.10, marking a 12% upside from where shares last closed.
SolarCity Corp (NASDAQ:SCTY) is up nearly 10% in pre-market trading to $44 after lawmakers agreed on a funding scheme through 2016, which incorporated a five-year tax credit extension for renewable energy. This extension comes after the transformational climate change agreement reached in Paris over the weekend, which was signed by nearly 200 countries. SolarCity investors hope that the tax credit extension will continue to encourage the use of solar energy in the United States. In light of this news, analyst Philip Shen of Roth Capital maintained a Buy rating on the company with a $65 price target. According to the 11 analysts polled by TipRanks in the last 3 months, 6 are bullish on the solar energy company, 1 is bearish, and 4 remain on the sidelines. The average 12-month price target between these 10 analysts is $52,11, marking a 30% potential upside from where shares last closed.
Cytokinetics, Inc. (NASDAQ:CYTK) shares are set to open higher this morning after analyst Charles Duncan from Piper Jaffray weighed in on the stock. The analyst reiterated his overweight rating on the company and raised his price target to $24 from $17, stating Phase 3 progress and positive outlook going into 2016. He attributes his bullish stance to “enhanced conviction in its pipeline assets” and believes drug omecamtiv has a high likelihood of moving to Phase 3 and producing positive results. Another reason for this increase is the “newly added revenue model” for the company’s spinal muscular atrophy (SMA) treatment. He concludes, “Overall, we continue to see Cytokinetics as the leader in muscle-biology as it leverages its novel platform activators to demonstrate potential in several diverse indications, and we reiterate our OW.” Both analysts polled by TipRanks in the last 3 months are bullish on the biotech company with an average 12-month price target of $23, marking a 103% potential upside from where shares last closed.
First Solar, Inc. (NASDAQ:FSLR) is up more than 6% this morning to $63.65, following suit with several renewable energy companies as lawmakers extended a tax credit for alternative energy sources. Tied in with a bill that lifted a ban on oil exports, Congress passed a five year extension on tax credits on wind and solar energy. Proponents of solar energy are bullish on the deal as it provides incentives for businesses to use, and invest in, renewable energy. According to TipRanks, 7 analysts are bullish on First Solar while 2 remain on the sidelines. The average 12-month price target between these 9 analysts is $65.05, marking an 8.7% potential upside from current levels.