In this article, we will discuss the 10 stocks whose price targets were recently raised by analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts See Upside Potential for 10 Stocks with Rising Price Targets.
05. Ulta Beauty, Inc. (NASDAQ:ULTA)
Upside Potential: 18%
On March 18, Raymond James provided an updated assessment of Ulta Beauty, Inc. (NASDAQ:ULTA), a prominent player in the beauty retail industry. The analyst team adjusted the price target upward from $575 to $630 while maintaining a strong buy rating for the stock. Ulta Beauty operates within the competitive beauty retail sector, offering a wide range of cosmetics, skincare, and haircare products, as well as salon services. The company’s performance is influenced by factors such as consumer trends, brand partnerships, and overall economic conditions. With the increase in the price target, Raymond James suggests an upside potential of 18% for Ulta Beauty, Inc. (NASDAQ:ULTA) stock compared to its current market price of $532.33. This indicates Raymond James’ confidence in the company’s growth prospects and market position.
The strong buy rating reaffirms Raymond James’ belief that Ulta Beauty, Inc. (NASDAQ:ULTA) stock presents compelling investment opportunities relative to its peers and market conditions. Raymond James expects Ulta Beauty to continue its positive trajectory based on their analysis of the company’s financial performance and industry trends. The higher price target reflects Raymond James’ confidence in Ulta Beauty, Inc. (NASDAQ:ULTA) ability to drive sales growth and expand its market share. By maintaining a strong buy rating and raising the price target, Raymond James reiterates their bullish outlook on Ulta Beauty and encourages investors to consider the stock as an attractive investment option. This endorsement underscores Raymond James’ confidence in Ulta Beauty, Inc. (NASDAQ:ULTA) ability to capitalize on consumer demand for beauty products and maintain its leadership position in the industry.
Here is what Carillon Eagle Mid Cap Growth Fund has to say about Ulta Beauty, Inc. (NASDAQ:ULTA) in its Q2 2023 investor letter:
“Ulta Beauty operates a chain of beauty stores. The stock underperformed after the company lowered its margin outlook as it continued to fight higher inventory shrink and other costs. Meanwhile, demand and transaction growth remain strong.”
04. NVIDIA Corporation (NASDAQ:NVDA)
Upside Potential: 19%
On March 18, HSBC analyst Frank Lee revised the price target for NVIDIA Corporation (NASDAQ:NVDA), a leading player in the semiconductor industry. The adjustment raised the firm’s price target on NVIDIA Corporation (NASDAQ:NVDA) from $880 to $1,050 while maintaining a Buy rating on the shares. NVIDIA Corporation (NASDAQ:NVDA) operates within the highly competitive semiconductor sector, known for its innovative graphics processing units (GPUs) and artificial intelligence (AI) technology. The company’s performance is influenced by factors such as demand for gaming, data centers, and automotive solutions, as well as advancements in technology and global economic conditions. With the increase in the price target, HSBC suggests an upside potential of 19% for Nvidia’s stock compared to its current market price of $884.55. This indicates HSBC’s confidence in NVIDIA Corporation (NASDAQ:NVDA) growth prospects and its position within the semiconductor industry.
The Buy rating reaffirms HSBC’s positive outlook on NVIDIA Corporation (NASDAQ:NVDA) stock, reflecting the analyst’s belief that the company presents attractive investment opportunities relative to its peers and market conditions. HSBC expects Nvidia to continue its upward trajectory based on their analysis of the company’s financial performance and industry trends. The higher price target reflects HSBC’s confidence in NVIDIA Corporation (NASDAQ:NVDA) ability to capitalize on the growing demand for its products and maintain its leadership position in the semiconductor market. By maintaining a Buy rating and raising the price target, HSBC reiterates their bullish stance on Nvidia and encourages investors to consider the stock as an appealing investment option. This endorsement underscores HSBC’s belief in NVIDIA Corporation (NASDAQ:NVDA) ability to deliver value to shareholders and sustain its momentum in the semiconductor industry.
Orbis Global Equity Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its fourth quarter 2023 investor letter:
“Never before has following the crowd made so much money. Nor, in our estimation, so little sense. But just look at the opportunities the crowd has left for those of us willing to take a different view. We could wax lyrical about the glaring difference in value between Korean banks priced at 4 times earnings, versus Apple at 28 times, despite diverging fundamentals—Apple is increasingly at risk of bans in China, while Korean banks could double their dividends.
Or how the thick margin of safety at Intel, backed by listed stakes and real saleable assets, compares to the slim margin for error at NVIDIA Corporation (NASDAQ:NVDA), trading at 13 times next year’s projected revenue. That revenue that could be competed away over time, while Intel’s semiconductor “fabs” in the US are increasingly valuable as the east and the west drift further apart.
03. Meta Platforms, Inc. (NASDAQ:META)
Upside Potential: 23%
On March 18, Wells Fargo & Company adjusted its price target for Meta Platforms, Inc. (NASDAQ:META), a prominent player in the technology and social media industry. The new price target was raised from $536.00 to $609.00, while the company maintained its “overweight” rating on the stock. Meta Platforms, Inc. (NASDAQ:META) operates within the dynamic and ever-evolving technology and social media sector, characterized by rapid innovation and changing user preferences. The company’s performance is influenced by factors such as user engagement, advertising revenue, and regulatory developments in the digital space. With the revised price target, Wells Fargo & Company suggests an upside potential of 23% for Meta Platforms’ stock compared to its current market price of $496.98. This indicates Wells Fargo’s optimistic outlook on the company’s growth prospects and its competitive position within the technology industry. The “overweight” rating signifies Wells Fargo’s confidence in Meta Platforms, Inc. (NASDAQ:META) ability to outperform its peers and the broader market.
Artisan Value Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2023 investor letter:
“Netflix and Meta Platforms, Inc. (NASDAQ:META)—both categorized in the communication services sector—rounded out our top five contributors in Q4 as well as for 2023. Both stocks suffered sharp declines in 2022, each losing more than 50% of their market capitalizations. In 2022, we purchased Netflix and added to our position in Meta on weakness as both stocks were selling significantly below our estimates of fair value. Meta’s challenges were more self-inflicted as a ramp-up in spending caused free cash flow to plummet. We saw Netflix’s slowing subscriber growth as a normal feature of a maturing streaming market.
With regard to Meta, the company’s “year of efficiency,” as 2023 was declared by Mark Zuckerberg, involved a recalibration of its spending plans to focus on profitability. While the stock also benefited from enthusiasm around artificial intelligence, the re-rating in the price multiple seems entirely rational as shares were selling for less than 10X next year’s estimated earnings at its 2022 lows for a business that still had strong growth drivers, consistent free cash flow generation and a large net cash position. While Meta is included in the Magnificent Seven mega-cap stocks, Meta is trading much cheaper (~25X P/E) than all the others aside from Alphabet (~24X P/E), which is the one other of the Magnificent Seven stocks we hold. While Meta’s stock is no longer extremely cheap, we feel it is still reasonably priced for a good business with attractive growth prospects. We did trim our positions in Meta and Netflix to put capital to work in names having greater discounts.”
02. Phreesia, Inc. (NYSE:PHR)
Upside Potential: 35%
On March 18, Baird, a renowned global financial services firm, revised its price target for Phreesia, Inc. (NYSE:PHR), a leading provider of healthcare software solutions. The adjustment involved an increase in the price target from $30.00 to $31.00, reaffirming the firm’s confidence in the company’s potential for growth and value creation. Phreesia, Inc. (NYSE:PHR) operates within the healthcare technology sector, which is vital for streamlining administrative processes and enhancing patient care delivery. The company’s software solutions cater to various healthcare providers, helping them optimize workflows, improve patient engagement, and enhance overall operational efficiency. With the revised price target, Baird indicates an upside potential of 35% for Phreesia’s stock compared to its current market price of $22.93. This suggests Baird’s optimistic outlook on Phreesia, Inc. (NYSE:PHR) prospects and its competitive position within the healthcare software industry. The firm’s “Outperform” rating underscores its belief that Phreesia is well-positioned to outperform the market and deliver strong returns to investors. Baird’s decision to raise the price target reflects its positive assessment of Phreesia’s growth trajectory and future earnings potential. By reiterating its “Outperform” rating and increasing the price target, Baird reaffirms its bullish stance on Phreesia, Inc. (NYSE:PHR) stock and encourages investors to consider it as an attractive investment opportunity. This endorsement reflects Baird’s confidence in Phreesia, Inc. (NYSE:PHR) ability to capitalize on emerging opportunities in the healthcare software market and deliver value to shareholders over the long term.
Conestoga Capital Advisors Micro Cap Strategy stated the following regarding Phreesia, Inc. (NYSE:PHR) in its fourth quarter 2023 investor letter:
“Phreesia, Inc. (NYSE:PHR): PHR, a leader in patient intake software to the medical industry, had a strong rebound in the fourth quarter after being a laggard in the third quarter. PHR reported a strong third quarter, with margins and adjusted EBITDA significantly beating expectations. PHR’s management also pivoted their financial model with the introduction of their 2024 guidance, reflecting an increased focus on profitability, which came in materially ahead of expectations. Revenue growth guidance moderated but is still projected at greater than 20%.”
01. Neumora Therapeutics, Inc. (NASDAQ:NMRA)
Upside Potential: 55%
On March 18, JPMorgan Chase & Co. revised upward its price target on Neumora Therapeutics, Inc. (NASDAQ:NMRA), a pharmaceutical company operating within the healthcare industry. This adjustment involved increasing the price target from $20.00 to $22.00, indicating the firm’s positive outlook on the company’s growth prospects and overall value. Neumora Therapeutics, Inc. (NASDAQ:NMRA) operates in the pharmaceutical sector, which plays a crucial role in developing innovative treatments and therapies to address various medical conditions. The company focuses on researching and developing novel drugs to meet unmet medical needs and improve patient outcomes. With the revised price target, JPMorgan Chase & Co. suggests an upside potential of 55% for Neumora Therapeutics, Inc. (NASDAQ:NMRA) stock compared to its current market price of $14.16. This indicates the firm’s confidence in Neumora’s ability to generate substantial returns for investors in the future.
The “overweight” rating assigned by JPMorgan Chase & Co. reflects its belief that Neumora Therapeutics, Inc. (NASDAQ:NMRA) stock is poised to outperform the broader market. This rating takes into account factors such as the company’s pipeline of promising drug candidates, potential for regulatory approvals, and anticipated market demand for its products. By increasing the price target and assigning an “overweight” rating, JPMorgan Chase & Co. signals its bullish stance on Neumora Therapeutics, Inc. (NASDAQ:NMRA) stock and encourages investors to consider it as an attractive investment opportunity. This endorsement underscores the firm’s confidence in Neumora’s growth trajectory and potential to deliver value to shareholders in the long term.
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