In this article, we will take a look at the 10 stocks receiving price-target hikes from analysts.
The key U.S. stock averages rebounded on Tuesday Morning. The surge was partly led by better-than-expected earnings of companies like Best Buy Co., Inc. (NYSE:BBY), Agilent Technologies, Inc. (NYSE:A) and Dell Technologies Inc. (NYSE:DELL). As of 01:23 PM ET, S&P 500 was up 0.96 percent, Nasdaq Composite was positive 0.83 percent and Dow Jones Industrial Average rose 0.89 percent.
Meanwhile, analysts improved their price targets for Agilent Technologies, Inc. and Dell Technologies Inc. after they easily beat financial expectations for their respective quarters.
In addition, Walgreens Boots Alliance, Inc. (NASDAQ:WBA) and Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH), also came into the spotlight on Tuesday after analysts lifted their price targets for them. Check out the remaining articles to find the reason behind the updated price targets for these stocks.
SFIO CRACHO/Shutterstock.com
10. Urban Outfitters, Inc. (NASDAQ:URBN)
Number of Hedge Fund Holders: 21
Shares of Urban Outfitters, Inc. (NASDAQ:URBN) rose nearly five percent in pre-market trading Tuesday after Baird increased its price target for the lifestyle retailer from $23 per share to $26 per share.
The updated price target follows the fiscal third-quarter results of Urban Outfitters, Inc.. The company reported earnings of 40 cents per share, marginally below the consensus of 42 cents per share. On the bright side, revenue for the quarter rose 3.9 percent on a year-over-year basis to $1.18 billion, topping estimates of $1.15 billion.
Speaking on the results, CEO of Urban Outfitters, Inc., Richard A. Hayne, said in a statement:
“We are pleased to announce record Q3 sales fueled by strong ‘comps’ at the Anthropologie and Free People brands. As we approach the all-important Black Friday/Cyber Monday weekend, we are encouraged by sales quarter-to-date.”
9. Foot Locker, Inc. (NYSE:FL)
Number of Hedge Fund Holders: 24
Shares of Foot Locker, Inc. (NYSE:FL) rose nearly four percent on Monday, November 21, after receiving a price-target hike from Citi. The research firm lifted its price target for the sportswear and footwear retailer from $33 per share to $38 per share following its better-than-expected Q3 earnings and improved full-year outlook.
Foot Locker, Inc. recently reported adjusted earnings of $1.27 per share for its fiscal third quarter, beating the consensus of $1.11 per share. In addition, the quarterly revenue of $2.17 billion was also above the consensus of $2.09 billion.
For the full year, Foot Locker, Inc. now expects adjusted earnings in the range of $4.42 – $4.50 per share, up from its prior guidance between $4.25 – $4.45 per share. In addition, revenue for the same period is now expected to drop 4 – 5 percent versus its earlier forecast calling for a decline of 6 – 7 percent.
8. Toll Brothers, Inc. (NYSE:TOL)
Number of Hedge Fund Holders: 32
Shares of Toll Brothers, Inc. (NYSE:TOL) rose before the opening bell today after JPMorgan turned bullish on the luxury homes builder.
The research firm upgraded Toll Brothers, Inc. from “Neutral” to “Overweight” and raised its price target for the stock from $47 per share to $58 per share.
JPMorgan analyst Michael Rehaut believes Toll Brothers, Inc. trades at a discount compared to its homebuilding rivals. Moving forward, Rehaut is shifting to a positive stance on the homebuilder stocks as he believes the group offer a favorable risk/reward.
7. Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH)
Number of Hedge Fund Holders: 38
Truist analyst Patrick Scholes improved his price target for Norwegian Cruise Line Holdings Ltd. from $19 per share to $21 per share on Tuesday, November 22. The analyst updated the price target as a part of a broader research note on cruise line stocks.
Scholes, who maintains a “Buy” rating for Norwegian Cruise Line Holdings Ltd., cited positive trends, such as an expected improvement in pricing in the current quarter over the comparable period of 2019. He also referred to a surge in booking pace for Q4 without a significant drop in pricing.
Like Norwegian Cruise Line Holdings Ltd., Best Buy Co., Inc., Agilent Technologies, Inc. and Dell Technologies Inc. also came into the limelight today.
6. Walgreens Boots Alliance, Inc. (NASDAQ:WBA)
Number of Hedge Fund Holders: 39
Shares of Walgreens Boots Alliance, Inc. rose over two percent this morning after receiving an upgrade from Cowen. The research firm raised its ratings for the healthcare giant from “Market Perform” to “Outperform” and increased its price target from $43 per share to $54 per share.
Cowen analyst Charles Rhyee was primarily moved by Walgreens’ renewed focus on healthcare services. Rhyee referred to the acquisition of health-at-home solutions provider CareCentrix and the recent investment in primary care clinics operator VillageMD.
Last week, J.P. Morgan analyst Lisa Gill also turned bullish on Walgreens Boots Alliance, Inc.. She upgraded WBA stock from “Neutral” to “Overweight,” citing expected gains from its healthcare strategy.
Gill sees Walgreens Boots Alliance, Inc. growing its share in the retail pharmacy market in the long term. The analyst also pointed towards WBA’s cost transformation plan, which has created a profit tailwind for the company.
5. Cardinal Health, Inc. (NYSE:CAH)
Number of Hedge Fund Holders: 45
Shares of Cardinal Health, Inc. (NYSE:CAH) advanced nearly two percent this morning after Credit Suisse lifted its price target for the healthcare services company from $64 per share to $79 per share. The research firm said the updated price target reflects the management’s commentary on the recent earnings call.
Earlier this month, Cardinal Health, Inc. reported better-than-expected financial results for its fiscal first quarter and reaffirmed its adjusted earnings outlook for the full year.
Speaking on the results, CEO of Cardinal Health, Inc., Jason Hollar, said:
“Our performance in the first quarter demonstrated stable fundamentals in the Pharmaceutical segment and tangible progress in the Medical segment. We are reaffirming our full year non-GAAP EPS guidance as we remain focused on our Medical Improvement Plan initiatives and building upon the growth of our Pharmaceutical business. Across the company, we are operating with urgency to drive our businesses forward and remain committed to creating shareholder value.”
4. Agilent Technologies, Inc. (NYSE:A)
Number of Hedge Fund Holders: 46
Agilent Technologies, Inc. delivered impressive financial results for its fiscal fourth quarter, sending its shares up more than six percent in the mid-day trading session on Tuesday, November 22.
Subsequently, several market research firms raised their price targets for Agilent Technologies, Inc. following the latest earnings beat. Jefferies lifted its price target for the life sciences company from $158 to $168, Wells Fargo increased its price target from $135 to $150 and Baird improved its price target from $160 to $170.
For its fiscal Q4, Agilent Technologies, Inc. reported adjusted earnings of $1.53 per share, up 26 percent over the year-ago period and above expectations of $1.39 per share. Revenue for the quarter also jumped 11 percent versus last year to $1.85 billion, topping estimates of $1.76 billion.
3. Dell Technologies Inc. (NYSE:DELL)
Number of Hedge Fund Holders: 49
Shares of Dell Technologies Inc. rose to a nearly three-month high after the opening bell on Tuesday, November 22. The surge came after Raymond James raised its price target for the tech company from $47 per share to $50 per share following its Q3 results.
Dell Technologies Inc. earned $2.30 per share on an adjusted basis in Q3, smashing expectations of $1.60 per share. The quarterly revenue of $24.7 billion was also above analysts’ average estimate of $24.4 billion.
Looking forward, Dell Technologies Inc. expects adjusted earnings in the range of $1.50 – $1.80 per share and revenue between $23 – $24 billion for the current quarter. The outlook compares with the consensus of $1.63 per share for earnings and $24.9 billion for revenue.
2. Eli Lilly and Company (NYSE:LLY)
Number of Hedge Fund Holders: 75
Berenberg improved its price target for Eli Lilly and Company (NYSE:LLY) from $345 per share to $375 per share on Tuesday, November 22. The research firm acknowledged the solid underlying performance of the company despite currency challenges.
Separately, Eli Lilly and Company also appeared in the third-quarter 2022 investor letter of investment management firm ClearBridge Investments. Here’s what the firm said:
“In the U.S., we initiated a position in pharmaceutical maker Eli Lilly (NYSE:LLY) as it brings out new drug candidates for diabetes and Alzheimer’s disease. New drugs impact diabetes but have also demonstrated significant weight loss for patients who are overweight and have other co-morbidity issues as a result. Lilly is one of the two key players in diabetes care and we believe the potential market opportunity is much higher than the consensus forecasts as we are seeing evidence of accelerating adoption.”
1. Booking Holdings Inc. (NASDAQ:BKNG)
Number of Hedge Fund Holders: 92
Barclays lifted its price target for Booking Holdings Inc. (NASDAQ:BKNG) from $2,370 per share to $2,430 per share on Tuesday, November 22. Analyst Mario Lu now expects the global leisure travel industry to grow 12 percent in 2023. Lu revised his estimates following the Q3 earnings.
Earlier this month, Booking Holdings Inc. posted impressive financial results for the third quarter. The travel technology company’s adjusted earnings climbed 41 percent on a year-over-year basis to $53.03 per share.
Revenue for the quarter also soared 29 percent versus last year to $6.1 billion. Analysts expected Booking Holdings Inc. to earn $49.99 per share on revenue of $5.92 billion.
Discussing the results, CEO Glenn Fogel said in a statement:
“Despite the rising concern around the macroeconomic environment, we are encouraged by the slight improvement in room night growth we have seen in October and by the level of bookings for travel in early 2023.”
You can also take a peek at 10 Best Fundamental Stocks To Invest In and 12 Best Consumer Staple Stocks.
Suggested articles:
- 14 Best Blue Chip Dividend Stocks To Buy
- 14 Best Chemical Stocks To Buy Now
- 10 Best Robotics Stocks Under $10
This article is originally published at Insider Monkey.
