Analysts Are Increasing Price Targets of These 10 Stocks

Published July 3, 2023 at 4:50 pm EDT Updated September 7, 2026 at 11:58 am EDT

In this article, we will discuss the 10 stocks whose price targets were recently raised by analysts.

The rally in global equities extended into Asia on July 3, buoyed by positive momentum from Wall Street and indications of easing US inflation. Shanghai’s equities surged over 1%, and technology companies listed in Hong Kong saw a substantial increase of around 3%. Furthermore, shares of Asian electric-vehicle manufacturers and their suppliers experienced gains, as Tesla Inc. and BYD Co. reported record sales in the second quarter. According to Bloomberg, Japan’s Topix index was poised for further gains, reaching levels not seen since the mid-1990s, thanks to increased confidence among major manufacturers. The rise in Chinese stocks on Monday stood in contrast to the 6% decline witnessed in MSCI Inc.’s China Index during the first half of the year. While some investors remain cautious due to policy risks and China’s modest economic recovery, others view the market’s attractive valuations as an opportunity.

Gold prices remained relatively unchanged on July 3 as the strength of the U.S. dollar weighed on the appeal of bullion. Market participants eagerly awaited key economic data to gain further insights into the Federal Reserve’s stance on future interest rate hikes. Despite stagnant U.S. consumer spending in May, indicating that the Fed’s efforts to curb inflation were having some effect, the core Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge, rose by 4.6% year-on-year, slightly lower than April’s increase of 4.7%. According to CME’s Fedwatch tool, investors are currently assigning an 87% probability of a 25 basis points rate hike in July. Reuters reported that interest rates are expected to remain in the range of 5.25% to 5.5% before potentially seeing cuts in 2024. Gold experienced a 2.5% decline in the second quarter, mainly driven by the anticipation of a prolonged period of rate hikes by the Federal Reserve. Higher interest rates typically discourage investment in non-yielding assets like gold.

As the second half of the year began, the price of oil remained relatively stable, with traders closely monitoring demand challenges and a complex supply outlook. Brent crude managed to stay above $75 per barrel after experiencing four consecutive quarterly losses, marking its weakest performance in over 30 years of recorded data. Throughout this year, oil prices have declined by approximately 12% due to factors such as a slowdown in China’s economic recovery, concerns about a potential US recession, and abundant supplies fueled by robust exports from Russia and Iran. According to Bloomberg, these dynamics have contributed to a cautious market sentiment surrounding oil.

Bond investors could benefit in 2023 if indicators suggesting central banks may tighten policy excessively and push their economies into recession are accurate, reported Reuters. While headline inflation has eased, underlying pressures remain high, leading central banks to maintain a hawkish stance. Recent moves by Canada, Britain, and Norway to tighten policy and signals from the U.S. Federal Reserve and European Central Bank officials indicated further rate hikes. Markets anticipate a 25 basis point Fed hike in July, reduced expectations for cuts next year, and increased projections for ECB and Bank of England hikes. Additionally, yield curve inversion has deepened as shorter-dated bond yields surge, reflecting concerns of a potential recession.

On the stocks market front, analysts are bullish on healthcare stocks such as 89bio, Inc. (NASDAQ:ETNB) and Accolade, Inc. (NASDAQ:ACCD) along with sports apparel and equipment stock NIKE, Inc. (NYSE:NKE). Check out the complete article to see the details of these upward revisions in price targets.

Analysts Are Increasing Price Targets of These 10 Stocks

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10. Paychex, Inc. (NASDAQ:PAYX)

Upside Potential: 4%

Paychex, Inc. (NASDAQ:PAYX) was founded in Rochester, New York, in 1971. It is a payroll services company providing human resource, payroll, and benefits outsourcing services. It deals primarily with small to medium-sized businesses. Paychex, Inc. has more than 100 offices. UBS, on June 30, increased its price target on Paychex, Inc., raising it from $115 to $116. This upward revision suggests a slightly more positive outlook on the stock’s potential performance. The adjusted price target indicates that UBS expects a modest upside for Paychex, Inc. shares. The raised price target from UBS could reflect their belief in the company’s growth prospects and their assessment that it could deliver better-than-expected results in the market.

09. TopBuild Corp. (NYSE:BLD)

Upside Potential: 7%

TopBuild Corp. (NYSE:BLD), headquartered in Daytona Beach, Florida, is a company that operates in the field of installing and distributing building materials for commercial, industrial, and residential purposes. With the United States currently facing a severe winter, there is a growing demand for insulation services. This increased demand has benefited TopBuild Corp.. The company’s strong performance in the third quarter of 2022 reflected this positive trend, as its revenue rose by 53.7% compared to the previous year, reaching $1.3 billion. This exceeded the consensus forecast of $1.21 billion. Additionally, the adjusted earnings per share (EPS) of $4.76 were 66 cents higher than analysts’ expectations of $4.10. These encouraging results led the company to provide revenue guidance for the full year of 2022, estimating a range between $4.95 billion and $5 billion, surpassing analysts’ forecast of $4.86 billion.

Loop Capital, on June 30, increased its price target on TopBuild Corp. to $285 from $225. However, despite the price target increase, Loop Capital maintains a Hold rating on the shares. This indicates a neutral stance on the stock’s potential performance. The raised price target from Loop Capital reflects their optimism regarding TopBuild Corp. growth potential. The increased target suggests a potential upside for the stock. The decision to maintain a Hold rating suggests Loop Capital sees limited additional upside beyond the revised target price.

08. Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Upside Potential: 9%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) is a biopharmaceutical company based in Dublin, Ireland. They are focused on developing a product called LUMRYZ, which is being tested in Phase 3 clinical trial. LUMRYZ contains sodium oxybate and is intended to treat excessive daytime sleepiness or cataplexy in adults with narcolepsy. The company was previously known as Flamel Technologies SA before changing its name to Avadel Pharmaceuticals plc (NASDAQ:AVDL) in January 2017. It was founded in 2015 and operates primarily in the United States. Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares have returned over 500% value to investors over the past 12 months. Craig-Hallum, on June30, increased its price target on Avadel Pharmaceuticals plc (NASDAQ:AVDL) from $16 to $18. The raised price target from Craig-Hallum indicates their belief that Avadel Pharmaceuticals plc (NASDAQ:AVDL) has the potential for growth and could deliver better-than-expected results in the market. It suggests confidence in the company’s prospects.

07. Palo Alto Networks, Inc. (NASDAQ:PANW)

Upside Potential: 12%

According to a research note from Scotiabank issued on June 30, Palo Alto Networks, Inc. (NASDAQ:PANW) raised its price target from $269 to $285. This update suggests a more positive outlook on the company’s stock performance. Scotiabank’s new price target implies a potential upside of 12.50% from the current price of Palo Alto Networks. This adjustment indicates that Scotiabank believes the stock has room for further growth and offers potential returns for investors.

TimesSquare Capital Management mentioned Palo Alto Networks, Inc. in its fourth-quarter 2022 investor letter. Here is what the fund said:

“Within Information Technology, Palo Alto Networks, Inc. offers network security solutions to enterprises, services providers, and government entities. The company delivered another strong quarter with revenues, billings, and earnings all above the consensus. Management recognizes a challenging macro environment that is altering customer behavior such as increased deal scrutiny and elongating sales cycles. Their shares pulled back by -15% during the quarter.”

06. The Interpublic Group of Companies, Inc. (NYSE:IPG)

Upside Potential: 14%

The Interpublic Group of Companies, Inc. (NYSE:IPG) is a major advertising and marketing company. Interpublic Group of Companies Inc. has gained about 55% over the past 12 months. Adrien Hilaire, an analyst at Bank of America Securities, has recently reaffirmed a Buy rating on The Interpublic Group of Companies, Inc. in a report published on June 30. Alongside this rating, Hilaire also set a price target of $44.00 for the company. The Interpublic Group of Companies, Inc. shares were valued at $38.58 as of the previous Friday’s closing. This indicates that Hilaire’s price target implies a potential upside in the stock’s value. With the Buy rating and the given target price, Hilaire appears optimistic about The Interpublic Group of Companies, Inc. prospects and believes it could generate favorable returns for investors.

Ariel Small-Cap Value Strategy made the following comment about The Interpublic Group of Companies, Inc. in its Q4 2022 investor letter:

“Marketing communication company, The Interpublic Group of Companies, Inc. (NYSE:IPG) was another top contributor in the quarter on solid earnings and a subsequent raise in full year guidance. IPG continues to deliver resilient organic growth across its portfolio as many of the world’s largest advertisers remain laser-focused on market share, despite macro uncertainty. The company is benefitting from spend across traditional media properties, as well as from new categories including ad-supported streaming, retail media and digital transformation projects. In our view, these results demonstrate the strength and resiliency of the business model; and we have conviction in the management team’s ability to flex IPG’s variable cost structure to weather any cyclical headwinds that may come its way.”

05. Snowflake Inc. (NYSE:SNOW)

Upside Potential: 16%

Jefferies, a financial services company, increased its price target on Snowflake Inc. (NYSE:SNOW) from $180 to $205 on June 30. Alongside this upward revision, Jefferies maintains a Buy rating on the shares. This adjustment in the price target reflects a more positive outlook on Snowflake Inc. potential performance. Jefferies spent four days at Snowflake Inc. user conference in Las Vegas, which likely provided valuable insights and information about the company’s growth prospects and market position. This first-hand experience likely influenced Jefferies’ decision to raise the price target.

Ithaka US Growth Strategy made the following comment about Snowflake Inc. in its first quarter 2023 investor letter:

“Snowflake Inc. (NYSE:SNOW) is a dominant player in the Data Warehousing market, offering customers the ability to break down data silos and derive value from rapidly growing data sets through Snowflake’s analytical database product, the Data Cloud. The company’s base business is benefitting from a number of secular tailwinds, the three most prevalent being: 1) data-driven decision making, 2) cloud adoption, and 3) the exponential growth of corporate data. The company’s visionary management team, headed by industry veteran Frank Slootman, plans to capture its fair share of this growth through: 1) executing on its land and expand model, 2) acquiring new customers, 3) growing internationally, and 4) expanding its nascent partner network. The stock’s negative contribution in the quarter was due to the timing of Ithaka’s purchase (mid-February) and its small portfolio weighting (100bps).”

04. NIKE, Inc. (NYSE:NKE)

Upside Potential: 36%

On June 30, UBS adjusted the price target for NIKE, Inc., raising it from $145 to $150 while maintaining a Buy rating on the stock. This upward revision suggests an optimistic view of the potential performance of NIKE, Inc.s shares. UBS believes the stock has room for further growth and considers it an attractive investment opportunity.

In its quarterly earnings report released on June 29th, NIKE, Inc. announced earnings of $0.66 per share for the quarter, slightly below analysts’ consensus estimates of $0.68 per share. However, it’s worth noting that NIKE, Inc. maintained a commendable return on equity of 35.98%, highlighting its strong market position. Additionally, the company achieved a net margin of 10.82%. NIKE, Inc. quarterly revenue amounted to $12.80 billion, surpassing the consensus estimate of $12.58 billion. This reflects a 4.9% increase compared to last year’s quarter, demonstrating the company’s ability to generate steady growth in its top line. These positive financial indicators indicate that NIKE, Inc. remains a robust and resilient player in the footwear industry.

03. Accolade, Inc. (NASDAQ:ACCD)

Upside Potential: 41%

Accolade, Inc. was founded in 2007 and is based in Seattle, Washington. It develops and offers personalized, technology-enabled solutions to help individuals navigate and utilize the healthcare system and workplace benefits. Their platform combines cloud-based technology with support from health assistants and clinicians, including registered nurses, physicians, pharmacists, and behavioral health specialists. Additionally, they provide medical opinion, decision support, and administrative services to medical practice PCs offering virtual primary care. Accolade, Inc. primarily serves employers who want to provide a comprehensive health and benefits solution for their employees and their families. On June 30, Guggenheim increased its price target on Accolade, Inc. from $18 to $19. This upward revision suggests a positive outlook on the stock’s potential performance. The adjusted price target implies a modest upside for Accolade, Inc. shares.

02. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Upside Potential: 47%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) experienced a rally of over 5% on Friday following positive assessments from Bank of America (BofA) and Goldman Sachs. BofA raised its price target for SolarEdge Technologies, Inc. from $379 to $396 on June 30, while Goldman Sachs stated that the stock’s risk/reward ratio is attractive. The revised price target by BofA indicates an optimistic outlook on SolarEdge Technologies, Inc. potential performance and suggests that there may be further room for growth. Goldman Sachs’ assessment of SolarEdge Technologies, Inc. risk/reward being attractive suggests that the potential rewards outweigh the associated risks, making the stock an appealing investment opportunity. The combined positive views from BofA and Goldman Sachs likely generated increased investor interest, leading to a rally in SolarEdge Technologies, Inc. shares. Investors may consider these assessments as indicators of the company’s potential when making investment decisions.

01. 89bio, Inc. (NASDAQ:ETNB)

Upside Potential: 95%

89bio, Inc. is an American biotechnology company based in San Francisco, California. The firm develops treatments for liver and heart diseases. BTIG analyst Justin Zelin on June 30 revised the price target for 89bio, Inc., increasing it from $30 to $37. This upgrade reflects a more optimistic outlook on the stock’s performance. With this new target, investors may expect a higher valuation and potential returns. The adjusted price target suggests that BTIG believes 89bio, Inc. has strong growth potential and could deliver better-than-expected results in the market. Justin Zelin’s assessment highlights confidence in the company’s prospects and may attract increased attention from investors looking for promising investment opportunities.

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