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. Itron, Inc. (NASDAQ:ITRI)
Price Reaction after the Upgrade: +0.83 (+1.25%)
Itron, Inc. (NASDAQ:ITRI), a forward-thinking technology firm, is at the forefront of providing comprehensive solutions tailored primarily for utilities and municipalities on a global scale. Their offerings span across the entire spectrum of operational needs. These include Device Solutions, which involve creating advanced devices that streamline operations; Networked Solutions, which leverage connectivity to enhance efficiency; and Outcomes, encompassing the end results of Itron, Inc. (NASDAQ:ITRI) integrated systems. By concentrating its efforts on these three key segments, Itron aims to enhance the capabilities and performance of utilities and municipalities, enabling them to navigate the demands of the modern world effectively.
In a notable shift in market sentiment, Argus analyst John Eade has elevated his assessment of Itron, Inc. (NASDAQ:ITRI) investment potential on August 18. Eade upgraded Itron, Inc. (NASDAQ:ITRI) from a “Hold” to a “Buy” rating. The upgrade underscores Eade’s belief that Itron, Inc. (NASDAQ:ITRI) is well-positioned to seize opportunities in the evolving tech landscape. Eade’s newly assigned price target of $82 highlights his positive outlook for the company’s growth trajectory, offering investors a tangible benchmark against which they can gauge the potential returns on their investments. This shift in perspective, backed by Argus’ expertise, could spark increased interest from the investment community and reshape the narrative surrounding Itron’s stock.
04. American Woodmark Corporation (NASDAQ:AMWD)
Price Reaction after the Upgrade: +1.36 (+1.89%)
American Woodmark Corporation (NASDAQ:AMWD) was founded in 1980 and is headquartered in Winchester, Virginia. It is based in the United States that specializes in creating and distributing various products for kitchen, bath, office, home organization, and hardware needs. These products are used for both remodeling and constructing new homes. The company offers products that can be customized according to specific orders and items that can be purchased immediately. They also provide installation services to their direct builder customers through a network of service centers. The company’s products are sold under several brands, including American Woodmark, Timberlake, Shenandoah Cabinetry, Waypoint Living Spaces, Estate, Stor-It-All, and Professional Cabinet Solutions. Additionally, they market their products through various channels, including home centers, builders, independent dealers, and distributors. On August 18, 2023, Zelman & Assoc upgraded their outlook for American Woodmark Corporation (NASDAQ:AMWD) from Hold to Buy.
Their decision to shift their outlook from “Hold” to “Buy” indicates a comprehensive reevaluation of American Woodmark Corporation’s potential for growth and value creation. By upgrading their outlook, Zelman & Associates is essentially expressing their belief that American Woodmark Corporation’s prospects have improved and that the stock now presents an attractive investment opportunity.
03. Super Group (SGHC) Limited (NYSE:SGHC)
Price Reaction after the Upgrade: +0.0700 (+2.05%)
Super Group (SGHC) Limited (NYSE:SGHC) operates in the realm of online sports betting and gaming. They provide services under two main brands: Betway, an online sports betting platform, and Spin, a multi-brand online casino offering. The company’s headquarters are located in Saint Peter Port, Guernsey. On August 18, Benchmark made a notable adjustment in evaluating Super Group (SGHC) Limited (NYSE:SGHC). The company’s rating has been upgraded from “Hold” to “Buy,” reflecting a substantial shift in Benchmark’s outlook on the stock’s investment potential. In conjunction with the upgrade, Benchmark has introduced a price target of $4.50 for Super Group (SGHC) Limited (NYSE:SGHC) stock. This price target is a quantitative projection of where Benchmark believes the stock’s price could reach. Investors frequently use such price targets as benchmarks for evaluating potential returns and making informed investment decisions.
02. Strategic Education, Inc. (NASDAQ:STRA)
Price Reaction after the Upgrade: +2.21 (+3.04%)
On August 18, Bank of America (BofA) upgraded its rating for Strategic Education, Inc. (NASDAQ:STRA) from Neutral to Buy, citing expectations of a strong earnings report in the upcoming fall. BofA sees potential for increased sales and improved margins for Strategic Education, Inc. (NASDAQ:STRA), driven by post-COVID recovery, enhanced marketing strategies, and efficient cost management. BofA analyst Heather Balsky and her team find the current stock price attractive, particularly following a 25% decline since mid-April. This decline, despite enrollment exceeding projections and positive macroeconomic trends, offers an opportunity for investors. The recovery of Strategic Education, Inc. (NASDAQ:STRA) has been gradual due to challenges faced in new enrollments at Strayer in 2020-21, as well as impacts on its Australia business due to delays in visa processing for international students. Balsky’s EPS estimates for 2023 and 2024 are notably higher than the market consensus.
01. Lumentum Holdings Inc. (NASDAQ:LITE)
Price Reaction after the Upgrade: +1.78 (+3.85%)
On August 18, Rosenblatt upgraded Lumentum Holdings Inc. (NASDAQ:LITE) rating from “Neutral” to “Buy,” indicating a substantial alteration in their viewpoint on the stock’s investment potential. This upgrade stems from Rosenblatt’s belief that Lumentum Holdings Inc. (NASDAQ:LITE) is poised for positive transformation, largely attributed to the burgeoning role of artificial intelligence (AI) as a novel driver in the technology domain. Furthermore, Rosenblatt has revisited and de-risked their estimates for Lumentum Holdings Inc. (NASDAQ:LITE), signifying increased confidence in the company’s projected performance. Additionally, they anticipate the resolution of the telecom inventory correction, which could usher in renewed growth opportunities for Lumentum Holdings Inc. (NASDAQ:LITE). By upgrading Lumentum Holdings Inc. (NASDAQ:LITE) rating to “Buy,” Rosenblatt underscores their conviction that the company is positioned for promising growth prospects. This upgrade can influence market sentiment, trading activities, and Lumentum’s stock performance trajectory.
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