In this article, we discuss the 5 stocks getting a huge vote of confidence from Wall Street analysts. If you want to see more such stocks on the list, go directly to 10 Stocks Getting a Huge Vote of Confidence From Wall Street Analysts.
05. First Solar, Inc. (NASDAQ:FSLR)
Number of Hedge Fund Holders: 39
First Solar, Inc. (NASDAQ:FSLR) is a global provider of photovoltaic cells. Focusing on the cadmium telluride solar modules, the company is a major supplier in Europe, Asia, and Australia. On July 28, BofA Securities upgraded First Solar, Inc. (NASDAQ:FSLR) from Neutral to Buy and simultaneously adjusted the price target from $202 to $283. This upgrade and the revised price target indicate a more positive outlook on the company’s future prospects. As a financial institution, BofA Securities likely believes that First Solar, Inc. (NASDAQ:FSLR) stock is poised for potential growth and may outperform the broader market or its industry peers. The upgrade from Neutral to Buy suggests that BofA Securities sees favorable opportunities for the company’s performance and considers it a more attractive investment option.
The new price target of $283 indicates the price at which BofA Securities believes the stock could reach in the future, and it suggests the potential for significant upside from its current trading price. This increase in the price target may reflect BofA Securities’ increased confidence in the company’s growth and earnings potential.
04. The Boeing Company (NYSE:BA)
Number of Hedge Fund Holders: 52
Founded in 1916, The Boeing Company (NYSE:BA) is one of the world’s largest aerospace companies and a leading provider of commercial airplanes, defense, space and security systems, and global services. On July 27, BofA Securities upgraded The Boeing Company (NYSE:BA) rating from Neutral to Buy and raised its price target from $225 to $300, suggesting the potential for a nearly 30% rally in the company’s shares. The analyst at BofA Securities believes that The Boeing Company (NYSE:BA) has strong demand, which could lead to further growth, even if the company maintains its current ~40% share of the narrowbody market. Furthermore, the analyst expects Boeing’s 787 to remain the preferred choice in the widebody market, securing the majority share compared to its competitors. Additionally, the outlook indicates ample demand for 10 787s per month in the future years.
This positive analysis underscores BofA Securities’ confidence in The Boeing Company (NYSE:BA) future performance and indicates the potential for the company’s stock to outperform the market.
03. Block, Inc. (NYSE:SQ)
Number of Hedge Fund Holders: 64
On July 28, Exane BNP Paribas, a prominent financial institution, made a significant and notable upgrade for Block, Inc. (NYSE:SQ). The company’s rating has been double upgraded from Underperform to Outperform, indicating a drastic change in their assessment of Block, Inc. (NYSE:SQ) future prospects. Furthermore, along with the upgrade, Exane BNP Paribas has also raised the price target for Block from $60 to $95. This revised price target reflects the financial institution’s increased optimism about the stock’s potential growth and performance. The decision to double upgrade Block, Inc. (NYSE:SQ) to an Outperform rating demonstrates Exane BNP Paribas’ confidence that the company’s stock is likely to perform better than previously expected.
02. Comcast Corporation (NASDAQ:CMCSA)
Number of Hedge Fund Holders: 68
Comcast Corporation (NASDAQ: CMCSA) is a prominent media and telecommunications company. While there may be concerns that its cable business could be impacted by the increasing popularity of the Internet, it remains one of the largest broadband providers in the United States, offering high-speed Internet services. Despite the rise of the Internet, Comcast’s cable business continues to be robust and relevant, and it holds a significant share in the broadband market. The company’s ability to deliver high Internet speeds is a competitive advantage that allows it to cater to the growing demand for fast and reliable internet connections.
On July 28, Macquarie analyst Tim Nollen upgraded Comcast Corporation (NASDAQ:CMCSA) from ‘underperform’ to ‘neutral’ and set a price target of $46. This upgrade suggests that the analyst now has a more neutral view of Comcast Corporation (NASDAQ:CMCSA) prospects and believes the stock may perform in line with the market. The price target of $46 indicates the price level at which the analyst believes Comcast Corporation (NASDAQ:CMCSA) stock could reach in the future. Investors may interpret this upgrade as a less bearish stance on the company and may closely monitor its performance going forward.
01. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 220
Following its strong Q2 performance, Meta Platforms, Inc. (NASDAQ:META) has received several upgrades from analysts. One such upgrade comes from China Renaissance analyst Ella Ji, who raised the rating from Hold to Buy and set a price target of $380. The better-than-expected Q2 results were driven by Meta Platforms, Inc. (NASDAQ:META) continued progress on its ‘year of efficiency’ pledge for 2022, which likely contributed to the company’s impressive advertising revenue growth of 12% year-over-year, amounting to $31.50 billion.
For the upcoming Q3, Meta Platforms, Inc. (NASDAQ:META) has provided revenue guidance in the range of $32 billion to $34.5 billion, surpassing the consensus estimate of $31.2 billion. This optimistic outlook for Q3 further supports the upgrades from analysts. The upgrades from various analysts indicate a positive sentiment towards Meta Platforms, Inc. (NASDAQ:META) and suggest that investors may view the company as having strong growth potential.
ClearBridge Large Cap Value Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its first quarter 2023 investor letter:
“The standout contributor for the quarter was Meta Platforms, Inc. (NASDAQ:META), which we bought in the fourth quarter of 2022. We still feel good about Meta shares after the rally, with positive drivers that we found attractive in late 2022 — large scale advantages in driving user engagement, the ability to invest in tools to monetize its audience, cost discipline and a strong balance sheet — still in play.”
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