Apple Chipmaker Downgraded; Oracle Upgraded; Seagate Gets Target Hikes

Oracle (ORCL), Fitbit (FIT), Seagate Technology (STX), Ulta Beauty (ULTA) and Apple (AAPL) supplier Taiwan Semiconductor (TSM) are Tuesday highlights, thanks to a changes in analyst opinion.

BMO Capital Markets upgraded the Silicon Valley giant to outperform from market perform and raised its price target to 47 from 45.

Shares were up 1.6% Tuesday on the stock market today.

Taiwan Semiconductor

The Apple supplier was handed a downgrade to neutral from overweight from JPMorgan. Shares dipped 0.85% to 26.97, still above a 26.68 buy point..

In other iPhone chipmaker news, Intel (INTC) might eventually bump off Qualcomm (QCOM) as an iPhone supplier, according to Cowen, which sees Intel grabbing more than half of Apple's iPhone 7 modem business.

Fitbit

Wells Fargo initiated the fitness tracker maker with a market perform rating. Shares dropped 1.2% to 13.51.

Fitbit was recently named Morgan Stanley's top consumer electronics pick, with analysts from the bank seeing a "strong" holiday season ahead.

Seagate Technology

Shares leapt 21.8% tp 29.35 Tuesday after the hard drive makerannounced preliminary fourth-quarter results and increased revenue guidance for the quarter late Monday.

Needham raised its price target to 33 from 31, and Maxim Group boosted its price target to 35 from 25. Needham rates Seagate a buy; Maxim has a hold on the company.

Seagate also announced about 6,500 job cuts -- 14% of its global workforce -- by the end of fiscal 2017. Rival Western Digital (WDC) was up 4.8% on the news. Western Digital has been climbing since preannouncing its earnings outlook last week.
Ulta Beauty

Stifel resumed coverage of the specialty beauty retailer with a hold rating; shares were up 0.4% to 253.25, hitting a fresh high.
Ulta continues to be a high scorer in IBD's ratings, earning a 99 Composite Rating.