In this article, we discuss the 5 stocks receiving a massive vote of approval from Wall Street analysts. If you want to see more such stocks on the list, go directly to 10 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts.
05. Verizon Communications Inc. (NYSE:VZ)
Price Reaction after the Upgrade: +1.14 (+3.40%)
On August 29, Citigroup elevated its perspective on Verizon Communications Inc. (NYSE:VZ), citing its capability to sustain its nearly 8% dividend yield. This upgrade comes as Citigroup raises its rating from Neutral to Buy. The current trading price for Verizon Communications Inc. (NYSE:VZ) is $34.69, reflecting a substantial increase of 3.4%. In line with this shift, Citigroup has adjusted its price target from $39 to $40. The change in both assessment and price target underscores Citigroup’s evolving perspective on Verizon Communications Inc. (NYSE:VZ) potential. With the endorsement of a higher rating and the belief that Verizon Communications Inc. (NYSE:VZ) can maintain its dividend yield, this development could attract attention from investors looking for compelling opportunities in the market.
The London Company Large Cap Strategy made the following comment about Verizon Communications Inc. (NYSE:VZ) in its second quarter 2023 investor letter:
“Exited: Verizon Communications Inc. (NYSE:VZ) Sale reflects heightened competitive activity from both AT&T and T-Mobile. While VZ has the highest quality network, we are concerned that competitors’ focus on market share gains could continue to negatively affect VZ’s business.”
04. AT&T Inc. (NYSE:T)
Price Reaction after the Upgrade: +0.56 (+3.94%)
AT&T Inc. (NYSE:T) delivers global telecommunications and technology services. Established in 1983, it is headquartered in Dallas, Texas. It operates with two key segments: Communications and Latin America. The Communications sector provides wireless voice and data communication services, retails devices and accessories, and offers various data services, security solutions, cloud services, and more to corporations, businesses, and residential customers. The Latin America arm offers wireless services in Mexico, marketing them under the AT&T and Unefon names, and sells smartphones through diverse channels.
On August 29, Citigroup revised its evaluation of AT&T Inc. (NYSE:T), upgrading the company’s rating from Neutral to Buy. This shift in perspective comes with a current trading price of $14.79, showcasing a significant increase of 4.0%. Additionally, Citigroup has adjusted the price target for AT&T Inc. (NYSE:T) to $17 as part of this upgrade. Such changes in both rating and price target underline Citigroup’s changing view of AT&T Inc. (NYSE:T) potential. The upgrade from Neutral to Buy signals Citigroup’s increased optimism about AT&T’s future performance.
03. Forward Air Corporation (NASDAQ:FWRD)
Price Reaction after the Upgrade: +2.88 (+4.06%)
On August 29, Forward Air Corporation (NASDAQ:FWRD) underwent a noteworthy shift in its assessment under the guidance of Jefferies analyst Stephanie Moore. Moore has upgraded the company’s rating from Hold to Buy, while concurrently revising the price target from $110 to $85. Despite the reduced price target, this transformation indicates a more optimistic outlook on Forward Air Corporation (NASDAQ:FWRD) growth potential and overall performance in the market. Currently trading at $73.77, the stock has experienced a notable uptick of 4.1%. Jefferies Financial Group’s updated evaluation signals their evolving perspective on Forward Air Corporation (NASDAQ:FWRD).
Vulcan Value Partners made the following comment about Forward Air Corporation (NASDAQ:FWRD) in its Q4 2022 investor letter:
“Forward Air Corporation (NASDAQ:FWRD) is a less-than-truckload (LTL) carrier focusing on the niche expedited freight market. It has an asset-light business model. Forward Air’s network is built for speed and reliability as opposed to bulk LTL competitors whose networks are built for asset utilization. Forward Air offers a premium delivery service to customers with higher value freight to whom reliability and minimal transport damage are more important than the lowest cost delivery option. We believe the company can generate strong free cash flow and grow its free cash flow coupon at a mid-single digit rate. We have owned Forward Air before and are pleased to have the opportunity to do so again.”
02. NextEra Energy Partners, LP (NYSE:NEP)
Price Reaction after the Upgrade: +2.07 (+4.26%)
On August 29, Raymond James analyst Pavel Molchanov recently advanced his assessment of NextEra Energy Partners, LP (NYSE:NEP), upgrading the company’s rating from Market Perform to Outperform. This strategic shift in evaluation is accompanied by a designated price target of $60. Currently trading at $50.66, the stock has demonstrated a notable surge of 4.2%. Raymond James’ adjusted analysis underlines their evolving perspective on NextEra Energy Partners, LP (NYSE:NEP), suggesting increased confidence in the company’s potential for growth and performance in the market. This upgrade, transitioning from Market Perform to Outperform, signifies Raymond James’ heightened optimism.
01. Noah Holdings Limited (NYSE:NOAH)
Price Reaction after the Upgrade: +1.62 (+13.36%)
Following a strong performance in Q2, Noah Holdings (NOAH) received a significant upgrade in its rating on August 29 from JPMorgan Chase & Co. The firm has raised its evaluation of Noah Holdings Limited (NYSE:NOAH) from Neutral to Overweight. Currently trading at $13.73, the stock has experienced a remarkable surge of 13.2%. The price target has been set at $18, indicating the analysts’ optimistic stance on Noah Holdings Limited (NYSE:NOAH) potential growth trajectory. This upgrade reflects JPMorgan’s evolving perspective on the company’s performance and prospects, which has likely been influenced by the positive Q2 results.
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