Oppenheimer Asset Management places Buy ratings on AVGO and BLDR and a Sell call on EW
Contributor since / Followers
Adam Smigielski
Oppenheimer Asset Management came out on Thursday and detailed two buying opportunities and one selling opportunity according to its technical and fundamental research.
The investment institution placed a Buy call on both Broadcom (NASDAQ:AVGO) and shares of Builders FirstSource (NYSE:BLDR) while also placing a Sell call on Edwards Lifesciences Corporation (NYSE:EW).
Outlined below is what Oppenheimer Asset Management had to say about AVGO, BLDR, and EW along with some general market stats and Seeking Alpha quant metrics on each of the stocks.
Broadcom (AVGO)
“AVGO is inflecting positively the bullish slope of its smoothed trend which we view as a resumption of the stock’s long-term uptrend. We’re also positive on top-down tailwinds from a relatively strong large-cap growth style. We see $153 as key support (200-day average) to uphold and would view a rally above $185 resistance (June peak) as a resumption of the stock’s uptrend. “
- AVGO currently trades at $169.85 a share.
- AVGO is +52.1% year-to-date.
- AVGO holds an SA quant raring of 3.45 and is listed as a Hold.
Builders FirstSource (BLDR)
“Despite BLDR’s mid-MO rank, we side positively towards the stock’s trend above $175 support (200-day average). A rally above $203 resistance (Sept. peak) could restart the stock’s uptrend and, in turn, support its MO score over the coming months, in our view.”
- BLDR currently trades at $178.13 a share.
- BLDR is +6.8% year-to-date.
- BLDR holds an SA quant raring of 2.86 and is listed as a Hold.
Edwards Lifesciences Corporation (EW)
“EW has rallied since July but the stock remains below the bearish slope of its smoothed trend. Trading maintains an upward drift above $68 support (50-day average) though we prefer to sell strength into $79 resistance (200-day average) based on the stock’s low-MO score.”
- EW currently trades at $73.33 a share.
- EW is -3.8% year-to-date.
- EW holds an SA quant raring of 2.81 and is listed as a Hold.