In this article, we discuss the 5 stocks receiving price-target hike from analysts. If you want to see more such stocks on the list, go directly to Analysts Are Increasing Price Targets of These 10 Stocks.
05. Equinix, Inc. (NASDAQ:EQIX)
Upside Potential: 14%
Equinix Inc (NASDAQ:EQIX) is an American multinational company specializing in internet connection and data centers. Equinix Inc (NASDAQ:EQIX) provides businesses with access to important locations, partners, and opportunities to quickly and effectively expand their digital services, enhance customer experiences, and increase their overall value.
Bank of America expects Equinix Inc (NASDAQ:EQIX) to continue its strong performance, leading to additional gains for investors. The bank reaffirmed its buy rating on Equinix shares, raising the price target from $750 to $850, indicating a potential upside of approximately 14% based on the closing price of $746.99. Equinix Inc (NASDAQ:EQIX) focus on network communications, coupled with its plans to expand its cloud segment and capitalize on the opportunities in artificial intelligence, were seen as positive indicators by BofA. Analyst David Barden highlighted the potential market size for AI infrastructure, projecting favorable long-term prospects for Equinix Inc (NASDAQ:EQIX). With a 14% increase year-to-date and recent outperformance of the S&P 500, Equinix Inc (NASDAQ:EQIX) stands out as Bank of America’s preferred data center pick. The stock’s closing price on June 23 was $746.11; thus, with a new target price of $850, it has an upside potential of 14%.
In its Q4 2022 investor letter, ClearBridge Investments, an investment management company, mentioned Equinix Inc (NASDAQ: EQIX). Here is what the fund said:
“Real estate holdings Equinix, Inc. (NASDAQ:EQIX) and Prologis (PLD) were standouts in a sector challenged by materially higher interest rates. Equinix is a best-in-class data center REIT with record leasing and backlog and a conservative balance sheet that should position it well in a downturn. Logistics real estate, meanwhile, has some of the most attractive market dynamics of all real estate subsectors, and Prologis is a clear leader within the group. Logistics real estate should continue to benefit from secular tailwinds of rising e-commerce penetration, ever faster delivery times, and supply chain resiliency (“just in case”).”
04. Advanced Energy Industries, Inc. (NASDAQ:AEIS)
Upside Potential: 19%
Analyst Steve Barger from Keybanc continues to support Advanced Energy Industries, Inc. (NASDAQ:AEIS) with a positive outlook and has increased the price target from $105 to $125 on June 23. The stock’s closing price on June 23 was $105.10; thus, with a new target price of $125, it has an upside potential of 19%.
Here is what Baron Funds specifically said about Advanced Energy Industries, Inc. (NASDAQ:AEIS) in its Q2 2022 investor letter:
“Advanced Energy Industries, Inc. (NASDAQ:AEIS) is a designer and manufacturer of power components that ensure precision power delivery for end-market applications including semiconductor manufacturing, medical procedures, and data center equipment. At May 11, 2022, Advanced Energy was trading for only 9 times 2022 and 6 times 2023 cash flow for a high-quality industrial company growing 7% to 10% on a normalized basis, without including accretive mergers and acquisitions.”
03. Apple Inc. (NASDAQ:AAPL)
Upside Potential: 21%
Based in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is widely recognized as one of the leading smartphone manufacturers in the market, renowned for its flagship product, the iPhone. It holds the distinction of being the largest technology company worldwide in terms of revenue. In 2022, the company generated a remarkable revenue of $394.3 billion.
Tigress Financial Partners has reaffirmed its Strong Buy rating on Apple Inc. (NASDAQ:AAPL) and has raised its target price from $210 to $225 in a note to clients on June 23. According to Tigress analysts, the increase in the price target for the technology giant is due to the expectation of renewed growth in the near future, primarily driven by progress in emerging markets and Asia. The analysts also highlighted the launch of Apple Inc. (NASDAQ:AAPL) new Vision Pro spatial computer, which they believe marks the beginning of a significant expansion of the Apple ecosystem. They further expressed confidence that the continuous growth of Apple’s Services revenue will lead to long-term improvements in business performance and increased value for shareholders. The analysts stated, “AAPL continues to prioritize enhancing shareholder returns through regular dividend increases. They have recently announced a 4% dividend increase and have authorized an additional $90 billion for share repurchases. We believe the stock has substantial upside potential, and our 12-month target price of $225 indicates a possible return of over 20% from the current levels.” Apple Inc. (NASDAQ:AAPL) closing price on June 23 was $186.68; thus, with a new target price of $225, it has an upside potential of 21%.
02. Delta Air Lines, Inc. (NYSE:DAL)
Upside Potential: 28%
Delta Air Lines, Inc. (NYSE:DAL) is one of America’s major airlines. The company provides services in domestic and international travel in over 60 countries. Barclays increased Delta Air Lines, Inc. (NYSE:DAL) price target from $48 to $55 and maintained an Overweight rating on the stock. In a research note, the analyst mentioned that the company’s investor day is expected to emphasize potential earnings growth in the near term and its commitment to offering a unique travel experience for customers. Barclays also highlighted that Delta’s long-term earnings per share targets could exceed $10 with optimistic assumptions. David Vernon from Bernstein also reiterated his Buy rating on Delta Air Lines, Inc. (NYSE:DAL) and set a price target of $58.00. The stock’s closing price on June 23 was $42.86; thus, with a new target price of $55, it has an upside potential of 28%.
01. Uber Technologies, Inc. (NYSE:UBER)
Upside Potential: 32%
Uber Technologies, Inc. (NYSE:UBER) is a global company developing and operating its technology applications. In a recent announcement in late May, Uber revealed a partnership with Waymo, an American company specializing in autonomous driving technology. The collaboration involves integrating Waymo’s self-driving technology into Uber’s ride-hailing platform. This joint effort aims to create a new transportation service that utilizes autonomous vehicles, combining the expertise of both companies in the field.
After Uber Technologies, Inc. (NYSE:UBER) stock surged 75% year-to-date, Barclays analysts raised the price target on Uber (NYSE:UBER) by $12 to $57 per share on June 23. They believe there is potential for further growth and suggest the stock could reach $70 per share. The analysts explained in a note that even without factoring in the future potential of Travel Concierge AI, they see a trajectory for Uber Technologies, Inc. (NYSE:UBER) shares to reach $70 based on 15 times $10 billion in EBITDA. They anticipate that the $10 billion EBITDA mark will be achieved by 2026, which means that the $70 level could be reached sometime in 2025. The stock’s closing price on June 23 was $43.34; thus, with a new target price of $57, it has an upside potential of 32%.
You can also take a look at 20 Worst Performing S&P 500 Stocks in 2023 and 10 Tech Stocks Benefiting From The AI Boom
