In this article, we discuss the 5 stocks receiving price-target hike 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.
05. Snowflake Inc. (NYSE:SNOW)
Upside Potential: 16%
Jefferies, a financial services company, increased its price target on Snowflake Inc. (NYSE:SNOW) from $180 to $205 on June 30. Alongside this upward revision, Jefferies maintains a Buy rating on the shares. This adjustment in the price target reflects a more positive outlook on Snowflake Inc. (NYSE:SNOW) potential performance. Jefferies spent four days at Snowflake Inc. (NYSE:SNOW) user conference in Las Vegas, which likely provided valuable insights and information about the company’s growth prospects and market position. This first-hand experience likely influenced Jefferies’ decision to raise the price target.
Ithaka US Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its first quarter 2023 investor letter:
“Snowflake Inc. (NYSE:SNOW) is a dominant player in the Data Warehousing market, offering customers the ability to break down data silos and derive value from rapidly growing data sets through Snowflake’s analytical database product, the Data Cloud. The company’s base business is benefitting from a number of secular tailwinds, the three most prevalent being: 1) data-driven decision making, 2) cloud adoption, and 3) the exponential growth of corporate data. The company’s visionary management team, headed by industry veteran Frank Slootman, plans to capture its fair share of this growth through: 1) executing on its land and expand model, 2) acquiring new customers, 3) growing internationally, and 4) expanding its nascent partner network. The stock’s negative contribution in the quarter was due to the timing of Ithaka’s purchase (mid-February) and its small portfolio weighting (100bps).”
04. NIKE, Inc. (NYSE:NKE)
Upside Potential: 36%
On June 30, UBS adjusted the price target for NIKE, Inc. (NYSE:NKE), raising it from $145 to $150 while maintaining a Buy rating on the stock. This upward revision suggests an optimistic view of the potential performance of NIKE, Inc. (NYSE:NKE)s shares. UBS believes the stock has room for further growth and considers it an attractive investment opportunity.
In its quarterly earnings report released on June 29th, NIKE, Inc. (NYSE:NKE) announced earnings of $0.66 per share for the quarter, slightly below analysts’ consensus estimates of $0.68 per share. However, it’s worth noting that NIKE, Inc. (NYSE:NKE) maintained a commendable return on equity of 35.98%, highlighting its strong market position. Additionally, the company achieved a net margin of 10.82%. NIKE, Inc. (NYSE:NKE) quarterly revenue amounted to $12.80 billion, surpassing the consensus estimate of $12.58 billion. This reflects a 4.9% increase compared to last year’s quarter, demonstrating the company’s ability to generate steady growth in its top line. These positive financial indicators indicate that NIKE, Inc. (NYSE:NKE) remains a robust and resilient player in the footwear industry.
03. Accolade, Inc. (NASDAQ:ACCD)
Upside Potential: 41%
Accolade, Inc. (NASDAQ:ACCD) was founded in 2007 and is based in Seattle, Washington. It develops and offers personalized, technology-enabled solutions to help individuals navigate and utilize the healthcare system and workplace benefits. Their platform combines cloud-based technology with support from health assistants and clinicians, including registered nurses, physicians, pharmacists, and behavioral health specialists. Additionally, they provide medical opinion, decision support, and administrative services to medical practice PCs offering virtual primary care. Accolade, Inc. (NASDAQ:ACCD) primarily serves employers who want to provide a comprehensive health and benefits solution for their employees and their families. On June 30, Guggenheim increased its price target on Accolade, Inc. (NASDAQ:ACCD) from $18 to $19. This upward revision suggests a positive outlook on the stock’s potential performance. The adjusted price target implies a modest upside for Accolade, Inc. (NASDAQ:ACCD) shares.
02. SolarEdge Technologies, Inc. (NASDAQ:SEDG)
Upside Potential: 47%
SolarEdge Technologies, Inc. (NASDAQ:SEDG) experienced a rally of over 5% on Friday following positive assessments from Bank of America (BofA) and Goldman Sachs. BofA raised its price target for SolarEdge Technologies, Inc. (NASDAQ:SEDG) from $379 to $396 on June 30, while Goldman Sachs stated that the stock’s risk/reward ratio is attractive. The revised price target by BofA indicates an optimistic outlook on SolarEdge Technologies, Inc. (NASDAQ:SEDG) potential performance and suggests that there may be further room for growth. Goldman Sachs’ assessment of SolarEdge Technologies, Inc. (NASDAQ:SEDG) risk/reward being attractive suggests that the potential rewards outweigh the associated risks, making the stock an appealing investment opportunity. The combined positive views from BofA and Goldman Sachs likely generated increased investor interest, leading to a rally in SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares. Investors may consider these assessments as indicators of the company’s potential when making investment decisions.
01. 89bio, Inc. (NASDAQ:ETNB)
Upside Potential: 95%
89bio, Inc. (NASDAQ:ETNB) is an American biotechnology company based in San Francisco, California. The firm develops treatments for liver and heart diseases. BTIG analyst Justin Zelin on June 30 revised the price target for 89bio, Inc. (NASDAQ:ETNB), increasing it from $30 to $37. This upgrade reflects a more optimistic outlook on the stock’s performance. With this new target, investors may expect a higher valuation and potential returns. The adjusted price target suggests that BTIG believes 89bio, Inc. (NASDAQ:ETNB) has strong growth potential and could deliver better-than-expected results in the market. Justin Zelin’s assessment highlights confidence in the company’s prospects and may attract increased attention from investors looking for promising investment opportunities.
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