Analysts are Increasing Price Targets of These 5 Stocks

In this article, we discuss the 5 stocks receiving price-target hikes from analysts. If you want to see more such stocks on the list, go directly to Analysts are Increasing Price Targets of These 10 Stocks.

5. Cardinal Health, Inc. (NYSE:CAH)

Number of Hedge Fund Holders: 45

Shares of Cardinal Health, Inc. (NYSE:CAH) advanced nearly two percent this morning after Credit Suisse lifted its price target for the healthcare services company from $64 per share to $79 per share. The research firm said the updated price target reflects the management’s commentary on the recent earnings call.

Earlier this month, Cardinal Health, Inc. (NYSE:CAH) reported better-than-expected financial results for its fiscal first quarter and reaffirmed its adjusted earnings outlook for the full year.

Speaking on the results, CEO of Cardinal Health, Inc. (NYSE:CAH), Jason Hollar, said:

“Our performance in the first quarter demonstrated stable fundamentals in the Pharmaceutical segment and tangible progress in the Medical segment. We are reaffirming our full year non-GAAP EPS guidance as we remain focused on our Medical Improvement Plan initiatives and building upon the growth of our Pharmaceutical business. Across the company, we are operating with urgency to drive our businesses forward and remain committed to creating shareholder value.”

4. Agilent Technologies, Inc. (NYSE:A)

Number of Hedge Fund Holders: 46

Agilent Technologies, Inc. (NYSE:A) delivered impressive financial results for its fiscal fourth quarter, sending its shares up more than six percent in the mid-day trading session on Tuesday, November 22.

Subsequently, several market research firms raised their price targets for Agilent Technologies, Inc. (NYSE:A) following the latest earnings beat. Jefferies lifted its price target for the life sciences company from $158 to $168, Wells Fargo increased its price target from $135 to $150 and Baird improved its price target from $160 to $170.

For its fiscal Q4, Agilent Technologies, Inc. (NYSE:A) reported adjusted earnings of $1.53 per share, up 26 percent over the year-ago period and above expectations of $1.39 per share. Revenue for the quarter also jumped 11 percent versus last year to $1.85 billion, topping estimates of $1.76 billion.

3. Dell Technologies Inc. (NYSE:DELL)

Number of Hedge Fund Holders: 49

Shares of Dell Technologies Inc. (NYSE:DELL) rose to a nearly three-month high after the opening bell on Tuesday, November 22. The surge came after Raymond James raised its price target for the tech company from $47 per share to $50 per share following its Q3 results.

Dell Technologies Inc. (NYSE:DELL) earned $2.30 per share on an adjusted basis in Q3, smashing expectations of $1.60 per share. The quarterly revenue of $24.7 billion was also above analysts’ average estimate of $24.4 billion.

Looking forward, Dell Technologies Inc. (NYSE:DELL) expects adjusted earnings in the range of $1.50 – $1.80 per share and revenue between $23 – $24 billion for the current quarter. The outlook compares with the consensus of $1.63 per share for earnings and $24.9 billion for revenue.

2. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 75

Berenberg improved its price target for Eli Lilly and Company (NYSE:LLY) from $345 per share to $375 per share on Tuesday, November 22. The research firm acknowledged the solid underlying performance of the company despite currency challenges.

Separately, Eli Lilly and Company (NYSE:LLY) also appeared in the third-quarter 2022 investor letter of investment management firm ClearBridge Investments. Here’s what the firm said:

“In the U.S., we initiated a position in pharmaceutical maker Eli Lilly (NYSE:LLY) as it brings out new drug candidates for diabetes and Alzheimer’s disease. New drugs impact diabetes but have also demonstrated significant weight loss for patients who are overweight and have other co-morbidity issues as a result. Lilly is one of the two key players in diabetes care and we believe the potential market opportunity is much higher than the consensus forecasts as we are seeing evidence of accelerating adoption.”

1. Booking Holdings Inc. (NASDAQ:BKNG)

Number of Hedge Fund Holders: 92

Barclays lifted its price target for Booking Holdings Inc. (NASDAQ:BKNG) from $2,370 per share to $2,430 per share on Tuesday, November 22. Analyst Mario Lu now expects the global leisure travel industry to grow 12 percent in 2023. Lu revised his estimates following the Q3 earnings.

Earlier this month, Booking Holdings Inc. (NASDAQ:BKNG) posted impressive financial results for the third quarter. The travel technology company’s adjusted earnings climbed 41 percent on a year-over-year basis to $53.03 per share.

Revenue for the quarter also soared 29 percent versus last year to $6.1 billion. Analysts expected Booking Holdings Inc. (NASDAQ:BKNG) to earn $49.99 per share on revenue of $5.92 billion.

Discussing the results, CEO Glenn Fogel said in a statement:

“Despite the rising concern around the macroeconomic environment, we are encouraged by the slight improvement in room night growth we have seen in October and by the level of bookings for travel in early 2023.”

You can also take a peek at 10 Best Fundamental Stocks To Invest In and 12 Best Consumer Staple Stocks.