In this article, we discuss the 5 stocks receiving price-target hike from Wall Street analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts Are Bullish on These 5 Stocks with Increasing Price Targets.
05. MercadoLibre, Inc. (NASDAQ:MELI)
Upside Potential: 22%
Barclays analyst Trevor Young, in an assessment made on MercadoLibre, Inc. (NASDAQ:MELI), has chosen to retain the company’s “Overweight” recommendation. Additionally, Young has adjusted the price target for MercadoLibre, Inc. (NASDAQ:MELI), increasing it from the previous value of $1575 to a new target of $1625. This reaffirmation of the “Overweight” status and the upward shift in the price target illustrate Young’s positive sentiment towards MercadoLibre, Inc. (NASDAQ:MELI) potential growth and market performance.
The Ithaka Group made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its second quarter 2023 investor letter:
“MercadoLibre, Inc. (NASDAQ:MELI) is the leading e-commerce network/platform in Latin America, connecting merchants and consumers through its industry-leading brands and technology. In addition to its e-commerce prowess, MercadoLibre also owns the dominant regional digital payments platform, MercadoPago. MercadoPago has recently made huge strides in processing payments for off-platform transactions in addition to its longstanding stronghold processing payments for marketplace transactions. MercadoLibre continues to benefit from a flywheel effect, as each business under the company’s umbrella helps bring more users into its ecosystem, leading to more merchants offering more products, which in turn attracts more users. In the quarter MercadoLibre’s underperformance was likely due to overall weakness in the Financial Services sector, and more specifically weakness in the fintech subsector.”
04. Teradata Corporation (NYSE:TDC)
Upside Potential: 43%
Chad Bennett, an analyst from Craig-Hallum, made his positive stance on Teradata Corporation (NYSE:TDC) crystal clear on August 8. He upheld his Buy rating for the company’s stock and took a step further by revising the price target significantly upward, from its previous mark of $50 to an impressive $66. This noteworthy adjustment underscores Bennett’s growing confidence in Teradata Corporation (NYSE:TDC) potential and its ability to thrive in the market. Bennett’s maintained Buy rating signifies his resolute conviction that Teradata Corporation (NYSE:TDC) stock is poised for favorable growth, aligning with his analysis of the company’s strengths, industry dynamics, and strategic moves. The elevated price target, a substantial increase of $16, is an unmistakable signal of Bennett’s bullish outlook.
Heartland Mid Cap Value Fund made the following comment about Teradata Corporation (NYSE:TDC) in its Q1 2023 investor letter:
“Technology. We added to our existing position in Teradata Corporation (NYSE:TDC), the largest provider of enterprise data analytics for complex workloads. Companies use TDC to predict a variety of events, such as when customers might switch to rivals, when parts are about to fail, or if transactions look suspicious for fraud.
While other enterprise IT companies have been reporting decelerating results, TDC continues to progress on growing recurring revenue from the cloud. The company’s hybrid/multi-cloud offering should position it well to help customers transition to the cloud. The stock remains undervalued, with a free cash flow yield above 9%.”
03. Shockwave Medical, Inc. (NASDAQ:SWAV)
Upside Potential: 50%
Needham & Company LLC has decided to raise its target for Shockwave Medical, Inc. (NASDAQ:SWAV), increasing it from $325 to $330. This upward revision in the target price signifies Needham’s updated evaluation of Shockwave Medical, Inc. (NASDAQ:SWAV) potential stock value, implying a positive outlook for the company’s performance in the market. The new target of $330 reflects a notable increase from the previous target of $325, indicating Needham’s heightened confidence in Shockwave Medical, Inc. (NASDAQ:SWAV) growth prospects. The shift is aligned with their positive sentiment on the stock.
It’s noteworthy that despite this target adjustment, Needham & Company LLC maintains its “Buy” recommendation for Shockwave Medical, Inc. (NASDAQ:SWAV). This suggests that Needham sees significant upside potential in the stock and believes it’s a favorable investment opportunity.
Alger Small Cap Focus Fund made the following comment about Shockwave Medical, Inc. (NASDAQ:SWAV) in its Q4 2022 investor letter:
“ShockWave Medical, Inc. (NASDAQ:SWAV) provides novel solutions for treating patients with peripheral and coronary artery diseases. Their Intravascular lithotripsy (IVL) system delivers sonic pressure waves via a specialized catheter to crack calcium, allowing a safe and easy-to-use treatment that enables better patient results. Shares underperformed during the period as the company reported modest fiscal third quarter results versus analyst estimates However, we continue to believe the company is well positioned to gain momentum in the coronary and peripheral markets, driven by new account growth and accelerating utilization.”
02. Tactile Systems Technology, Inc. (NASDAQ:TCMD)
Upside Potential: 68%
As of August 8, Oppenheimer has upheld its favorable outlook on Tactile Systems Technology, Inc. (NASDAQ:TCMD). The company’s “Outperform” recommendation remains unchanged, signaling Oppenheimer’s continued confidence in Tactile Systems Technology, Inc. (NASDAQ:TCMD) market performance. Additionally, Oppenheimer has revised its price target for Tactile Systems Technology, Inc. (NASDAQ:TCMD), raising it from the previous $24 to a new target of $30. This adjustment underscores Oppenheimer’s increased optimism about Tactile Systems Technology, Inc. (NASDAQ:TCMD) potential growth and value in the market.
01. DISH Network Corporation (NASDAQ:DISH)
Upside Potential: 150%
Pivotal Research Group’s decision to elevate the target for DISH Network Corporation (NASDAQ:DISH) shares to $21 finds its roots in the captivating merger deal struck with EchoStar. The resonance of this deal’s attractiveness and strategic significance prompted Pivotal’s upward revision of the target price. With the merger structured as an all-stock arrangement at a fixed exchange ratio, the mechanics of the deal are straightforward yet impactful. Each share of EchoStar’s common stock is set to be swapped for 2.85 shares of DISH Network Corporation (NASDAQ:DISH) common stock, a strategic maneuver that not only facilitates the consolidation of resources but also establishes a tangible valuation mechanism.
ClearBridge Large Cap Value Strategy made the following comment about DISH Network Corporation (NASDAQ:DISH) in its first quarter 2023 investor letter:
“DISH Network Corporation (NASDAQ:DISH) was lower for more idiosyncratic reasons. The pay-TV provider, with unique potential to become a viable fourth wireless carrier, continues to face challenges executing its wireless buildout in a higher rate environment where a leveraged balance sheet is a liability. We believe there is still value to be captured for Dish, but it is clearly taking longer to realize, and we are monitoring the stock closely.”
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