In this article, we discuss 5 stocks that analysts just increased the price targets of. If you want to see some more stocks that were favored by analysts, go to Analysts Just Increased Price Targets of These 10 Stocks.
5. Brown-Forman Corporation (NYSE:BF-B)
Number of Hedge Fund Holders: 33
Brown-Forman Corporation (NYSE:BF-B) has soared 1.41% as of 12:09 PM ET after the price target on the Kentucky-based spirits, and wine company was increased from $68 to $72 by Steve Powers at Deutsche Bank. The revision follows the strong Q4 FY22 results posted by Brown-Forman Corporation (NYSE:BF-B) on June 8. Brown-Forman Corporation (NYSE:BF-B) reported revenue of $996 million, higher than the consensus estimate of $831.79 million. Meanwhile, the EPS was posted at 31 cents as opposed to the analysts’ forecast of 27 cents.
Here’s what Lindsell Train said about Brown-Forman Corporation (NYSE:BF-B) in its Q4 2021 investor letter:
“Such growth indicates that it’s not mass market tequila shots driving the boom but rather exquisitely crafted Palomas and complex fine sipping tequilas served over ice or even neat. The global rise of interest in cocktails – itself another indicator of consumer tastes turning towards quality over quantity – has been kind to tequila, with the 2021 Bacardi Global Brand Ambassador Survey placing it as the top trending spirit for 62% of global bartenders (rising to 76% in the US) and tequila-based cocktails now ranking 4 of 30 in popularity. We recognise that trends and “booms” have long been a feature of the spirits market, but arguably the combination of demographic behavioural changes and the increased emphasis on truly differentiated flavours as well as heritage and provenance might make shifts like this more durable than in previous years. So we were impressed with our Global portfolio holding Brown-Forman’s 20% growth in tequila volumes in 2021; and despite raised eyebrows at the 2017 Casamigos purchase price of $1bn, we’re pleased that Diageo owns this superpremium tequila and has managed to grow case sales from just 170,000 in 2017 to 1m in 2020. And even more importantly, I did happen to notice in the course of my, er, extensive research that Casamigos has now been immortalised by Claridge’s in a new cocktail named – what else? – “The George”.”
Of the 912 hedge funds in Insider Monkey’s database, 33 funds held a position in Brown-Forman Corporation (NYSE:BF-B) as of Q1 2022.
4. Devon Energy Corporation (NYSE:DVN)
Number of Hedge Fund Holders: 66
Devon Energy Corporation (NYSE:DVN) has ascended 0.27% as of 12:11 PM ET after the Oklahoma City-based energy exploration, and production (E&P) company received an increase in price target from John Freeman at Raymond James. The analyst raised the price target on Devon Energy Corporation (NYSE:DVN) from $90 to $102, reflecting a potential upside of 30.9% from the previous closing price.
The revision comes a day after the company acquired RimRock Oil and Gas for $865 million. Freeman thinks that the deal will create value for the company with a free cash flow yield of 25% at the current commodity prices. The analyst termed the purchase price as very low. Devon Energy Corporation (NYSE:DVN) made a great deal as the purchase price is only 2.2 times the cash flow expected in the next 12 months.
Devon Energy Corporation (NYSE:DVN) was held by 66 hedge funds as of Q1 2022.
3. PMV Pharmaceuticals, Inc. (NASDAQ:PMVP)
Number of Hedge Fund Holders: 15
PMV Pharmaceuticals, Inc. (NASDAQ:PMVP) has risen 2.64% as of 12:11 PM ET. Jeff Jones at Oppenheimer increased the price target on PMV Pharmaceuticals, Inc. (NASDAQ:PMVP) from $30 to $33 and reiterated an Outperform rating on the stock after attending the company’s presentation during the 2022 American Society of Clinical Oncology (ASCO). PMV Pharmaceuticals, Inc. (NASDAQ:PMVP) conducted a key opinion leader (KOL) event with Dr. Dumbrava of the University of Texas-based MD Anderson Cancer Center (MDACC). The expert provided positive views on the clinical data.
As of Q1 2022, PMV Pharmaceuticals, Inc. (NASDAQ:PMVP) was held by 15 hedge funds.
2. Oxford Industries, Inc. (NYSE:OXM)
Number of Hedge Fund Holders: 15
Oxford Industries, Inc. (NYSE:OXM) has gained 5.31% as of 12:10 PM ET. Paul Lejuez at Citi increased the price target on Oxford Industries, Inc. (NYSE:OXM) from $86 to $92 but maintained a Sell rating on the stock. The analyst stated that even though the company posted strong Q1 2022 results, he is skeptical about the performance during the second half of the year. Lejuez expects higher promotions to affect even those companies that are catering to higher-income consumers.
Oxford Industries, Inc. (NYSE:OXM) posted revenue and EPS of $352.6 million and $3.50, respectively, as opposed to the analysts’ forecast of $329.02 million and $2.75. Despite inflationary and supply chain-related concerns, Oxford Industries, Inc. (NYSE:OXM) provided strong guidance for Q2 2022 and FY22.
Oxford Industries, Inc. (NYSE:OXM) was held by 15 hedge funds at the end of Q1 2022.
1. Shoals Technologies Group, Inc. (NASDAQ:SHLS)
Number of Hedge Fund Holders: 16
Shoals Technologies Group, Inc. (NASDAQ:SHLS) has climbed 4% as of 12:11 PM ET after the Tennessee-based provider of Electrical Balance of System (EBOS) components for solar solutions was upgraded from a Hold to a Buy rating by Bronson Fleig at Truist. The analyst also increased the price target on Shoals Technologies Group, Inc. (NASDAQ:SHLS) from $16 to $25. Fleig thinks that the two-year tariff exemption on solar imports will support the core EBOS business of Shoals Technologies Group, Inc. (NASDAQ:SHLS). The EBOS is utilized for large-scale, utility solar projects in the US, and the tariff exemption news has given the stock price an increased momentum. The analyst is also optimistic about the Shoals Technologies Group, Inc.’s (NASDAQ:SHLS) prospects outside the US and its non-solar EBOS business.
Shoals Technologies Group, Inc. (NASDAQ:SHLS) was discussed in the Q2 2021 investor letter of ClearBridge Investments. Here’s what the firm said:
“Our largest new addition was Shoals Technologies, in the industrials sector, which manufactures electric balance of systems (EBOS) components for ground-mounted solar projects. The company has IP protection around a system of EBOS installation that does not rely on licensed electricians for installation and can be installed above ground, thereby offering the customer significant time and labor savings.”
As of Q1 2022, Shoals Technologies Group, Inc. (NASDAQ:SHLS) was held by 16 hedge funds.
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