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 5 Stocks with Rising Price Targets.
05. Exxon Mobil Corporation (NYSE:XOM)
Upside Potential: 28%
On October 4, UBS Group raised its target for Exxon Mobil Corporation (NYSE:XOM) from $139.00 to $143.00, maintaining a “Buy” rating. This adjustment within the energy industry underscores UBS Group’s positive outlook on Exxon Mobil Corporation (NYSE:XOM) future prospects. However, despite the increased target, the current stock price for Exxon Mobil Corporation (NYSE:XOM) is $111.50, reflecting a 3.7% decline after the target revision. The heightened target from UBS Group indicates a bullish sentiment regarding Exxon Mobil Corporation (NYSE:XOM) potential for growth. The “Buy” recommendation suggests a strong endorsement of Exxon Mobil Corporation (NYSE:XOM) as an attractive investment. Nevertheless, the 3.7% reduction in the current stock price warrants attention. This development holds significance for investors, particularly those in the energy sector, offering insights into both the positive long-term outlook implied by the target increase and the short-term market forces affecting the current stock price. As investors formulate their strategies, combining the 3.7% immediate price decrease and the potential 28.8% upside from the current price to the new target of $143.00 provides a comprehensive perspective. This dual consideration encourages investors to navigate both the intricacies of short-term market movements and the broader growth narrative for Exxon Mobil Corporation (NYSE:XOM).
04. Chevron Corporation (NYSE:CVX)
Upside Potential: 29%
On October 4, UBS Group raised its target price for Chevron Corporation (NYSE:CVX) from $209.00 to $210.00 while maintaining a “Buy” rating. This adjustment in the target reflects UBS Group’s positive outlook on the future prospects of Chevron Corporation (NYSE:CVX) within the energy industry. Despite this upward revision, the current stock price for Chevron Corporation (NYSE:CVX) stands at $163.03, indicating a modest 2.3% decline following the target adjustment. UBS Group’s increased target suggests a favorable sentiment regarding the growth potential of Chevron Corporation (NYSE:CVX), and the “Buy” recommendation serves as a strong endorsement of it as an attractive investment opportunity. As investors strategize, the combination of the immediate 2.3% price decrease and the potential 28.8% upside from the current price to the new target of $210.00 provides a comprehensive perspective. This dual consideration encourages investors to navigate both the nuances of short-term market movements and the broader growth narrative for Chevron.
Carillon Eagle Growth & Income Fund made the following comment about Chevron Corporation (NYSE:CVX) in its Q2 2023 investor letter:
“Chevron Corporation (NYSE:CVX) stock also traded lower as global oil prices declined in response to fears of an economic slowdown. Energy stocks were the second-worst-performing sector in the quarter.”
03. Ovintiv Inc. (NYSE:OVV)
Upside Potential: 46%
As of October 4, UBS Group has set a higher target for Ovintiv Inc. (NYSE:OVV), elevating it from $62.00 to $64.00 while affirming a “Buy” rating. This adjustment, situated within the dynamic realm of the energy sector, reflects UBS Group’s optimistic projection for Ovintiv Inc. (NYSE:OVV) forthcoming opportunities. Despite this upgraded target, the current stock price for Ovintiv stands at $43.85, revealing a 4.3% retreat subsequent to the target adjustment. The escalated target from UBS Group signals a favorable sentiment regarding Ovintiv Inc. (NYSE:OVV) growth trajectory, potentially influenced by the ever-evolving trends within the energy industry, strategic maneuvers by the company, or broader market dynamics. The steadfast “Buy” recommendation is a testament to UBS Group’s unwavering confidence in Ovintiv Inc. (NYSE:OVV) as a compelling investment within the dynamic energy landscape.
Smead Value Fund made the following comment about Ovintiv Inc. (NYSE:OVV) in its first quarter 2023 investor letter:
“Our biggest detractors were mainly a function of the decline in oil and gas prices. Ovintiv Inc. (NYSE:OVV), which absorbed some of our Continental Resources proceeds and Conoco Phillips (COP), declined the most. Bank of America (BAC) got hammered by the Silicon Valley Bank meltdown and fears about our financial system. We’ve owned BAC for over ten years and it has outperformed the rest of our portfolio.”
02. monday.com Ltd. (NASDAQ:MNDY)
Upside Potential: 55%
Tigress Financial has significantly raised its target for monday.com Ltd. (NASDAQ:MNDY) from $210.00 to $240.00 while maintaining a “Buy” rating. This upward adjustment underscores Tigress Financial’s heightened optimism about the future performance of monday.com Ltd. (NASDAQ:MNDY). Despite the increased target, the current stock price for monday.com Ltd. (NASDAQ:MNDY) stands at $155.05, reflecting a notable 2.0% increase following the target revision. The augmented target from Tigress Financial indicates a strong bullish sentiment regarding monday.com Ltd. (NASDAQ:MNDY) growth trajectory, likely driven by factors such as stellar operational performance, strategic initiatives, or favorable market trends. The reiterated “Buy” recommendation reinforces Tigress Financial’s conviction that Monday.com presents an attractive investment opportunity. This development holds significance for investors, especially those with an interest in the technology sector, providing insights into both the immediate market sentiment and the long-term growth narrative for monday.com Ltd. (NASDAQ:MNDY). As investors shape their strategies, the combination of the 2.0% immediate price increase and the potential 54.8% upside from the current price to the new target of $240.00 presents a comprehensive perspective.
01. Intel Corporation (NASDAQ:INTC)
Upside Potential: 56%
On October 4, Northland Securities increased its target for Intel Corporation (NASDAQ:INTC) from $45.00 to $56.00 while maintaining an “Outperform” rating. This adjustment reflects Northland Securities’ heightened confidence in Intel Corporation (NASDAQ:INTC) future prospects. Despite the increased target, the current stock price for Intel Corporation (NASDAQ:INTC) is $35.93, indicating a modest 0.7% increase following the target revision. The elevated target from Northland Securities underscores a positive sentiment regarding Intel’s growth potential, likely influenced by strategic initiatives, technological advancements, or other market dynamics. The continued “Outperform” rating signifies Northland Securities’ belief that Intel remains positioned for strong performance. The 0.7% increase in the current stock price suggests a positive market response to the raised target, indicating investor optimism about Intel’s trajectory. The potential 55.7% upside from the current price to the new target of $56.00 is significantly high and appealing.
ClearBridge Large Cap Growth Strategy made the following comment about Intel Corporation (NASDAQ:INTC) in its Q4 2022 investor letter:
“A third approach to return generation is purchasing idiosyncratic businesses that largely control their own destiny. Intel Corporation (NASDAQ:INTC), which we purchased in the first quarter on the premise that it would develop a leading domestic foundry business, has struggled with execution missteps and product delays. We are maintaining the position to provide ongoing exposure to semiconductors.”
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