Analysts Are Upgrading These 10 Stocks

Published July 12, 2023 at 11:40 am EDT Updated September 7, 2026 at 11:59 am EDT

In this article, we will take a look at the 10 stocks recently upgraded by analysts.

At the beginning of the week, European stocks experienced a decline, mirroring the fall in US equity futures. The focus for the week ahead will be on inflation and interest rates, particularly after China’s soft price data raised concerns about its economic recovery. According to Bloomberg, traders will pay close attention to US inflation numbers on July 12, as they may provide insights into the Federal Reserve’s future policy decisions and the increasing risk of a recession. Additionally, the UK jobs data scheduled for July 11 will play a crucial role in determining the Bank of England’s upcoming policy decision in August. Market participants will closely monitor these economic indicators. China’s stock market is under threat from a significant wave of selling pressure as cash trapped in mutual funds is set to be redeemed. This adds to the already mounting concerns that are negatively impacting market sentiment. Morningstar Inc.’s data reveals that more than 200 billion yuan ($28 billion) of cash, held in mutual funds for the past three years, is about to be released. This impending redemption offers frustrated investors an opportunity to explore alternative investment options outside of equities and potentially find a new place to allocate their funds.

According to Reuters, U.S. Treasury Secretary Janet Yellen’s visit to Beijing did not bring about any immediate resolution or easing of tensions between the U.S. and China. The meetings between Yellen and top Chinese economic officials covered a range of issues, but it remains uncertain if they will change the trajectory of the relationship. The primary accomplishment of the meetings was establishing communication and conveying U.S. intentions on various policies. While the visit was described as pragmatic and rational, expectations for a positive outcome are considered weak and uncertain. The discussions addressed significant disagreements, including U.S. concerns about China’s unfair economic practices and punitive actions against American companies. Predicting how the two sides will move toward compromise is still challenging, but maintaining dialogue is crucial.

According to Goldman Sachs, India is expected to surpass Japan, Germany, and, eventually, the United States to become the world’s second-largest economy by 2075. Currently ranked as the fifth-largest economy, India’s projected leap is attributed to factors such as a growing population, advancements in innovation and technology, increased capital investment, and rising worker productivity. Goldman Sachs Research’s India economist, Santanu Sengupta, highlights that India is anticipated to have one of the lowest dependency ratios among regional economies over the next two decades. A low dependency ratio suggests a higher proportion of working-age adults who can support both the younger and older generations.

Oil prices in Asian trade declined as investors approached the week with caution ahead of upcoming economic data from major consumers, the United States and China, reported Reuters. However, expected crude supply cuts by Saudi Arabia and Russia limited the losses. Brent crude futures dropped by 55 cents (0.7%) to $77.92 a barrel, while U.S. West Texas Intermediate crude fell by 55 cents (0.7%) to $73.31 a barrel. Analysts noted that oil traders were exercising caution in anticipation of the U.S. Consumer Price Index (CPI) data and China’s economic data later in the week. Despite the cautious sentiment, the announcement of further supply cuts by OPEC+ could potentially lead to a rebound in crude prices. The economic slowdown in China and the ongoing interplay between demand concerns and supply control strategies by OPEC contribute to market uncertainty. Saudi Arabia extended its output cut into August, while Russia reduced crude exports to meet domestic demand. Additionally, non-OPEC+ supply has been keeping up with global demand, prompting suggestions for OPEC+ to deepen cuts and extend them into 2024.

On the U.S. stock market front, Raymond James analyst Michael Rose upgraded First Horizon Corporation (NYSE:FHN) from Market Perform to Outperform. At the same time, according to Wolfe Research analyst Sam Margolin’s research note issued on July 7, ConocoPhillips (NYSE:COP) has been upgraded from Peerperform to Outperform. Meanwhile, notable stock, including JPMorgan Chase & Co. (NYSE:JPM) was spotted gaining value after receiving upgrades from analysts. Check out the complete article to see some other stocks recently upgraded by analysts.

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10. PLAYSTUDIOS, Inc. (NASDAQ:MYPS)

Number of Hedge Fund Holders: 11

Headquartered in Las Vegas, Nevada, PLAYSTUDIOS, Inc. (NASDAQ:MYPS) is a renowned developer and publisher of casual games for mobile and social platforms. Their focus is on creating free-to-play games that cater to a wide range of players in the United States, North America, and around the world. With their mobile and social gaming expertise, PLAYSTUDIOS, Inc. aims to provide enjoyable gaming experiences to a diverse audience. Their presence extends beyond the borders of the United States, as they also have a global reach in the international market. BofA analyst Omar Dessouky, on July 7, upgraded PLAYSTUDIOS, Inc. to a Neutral rating from Underperform. Dessouky has also raised the price target from $3.50 to $4.50. The upgrade is based on an improved outlook for mobile gaming in-app purchases in 2023. However, it’s worth noting that BofA has simultaneously terminated coverage of the stock due to a reallocation of resources.

09. Adtalem Global Education Inc. (NYSE:ATGE)

Number of Hedge Fund Holders: 15

Adtalem Global Education Inc. (NYSE:ATGE) is an American firm based in Chicago, Illinois. It provides certificates and degrees for different professions such as business, public administration, and social work. According to a research note issued on July 7, BMO Capital has upgraded Adtalem Global Education Inc. to an Outperform rating from Market Perform while maintaining a price target of $44. The analyst states that nursing school enrollment has stabilized and is experiencing growth once again. Although Walden University has faced challenges since its acquisition in August 2021, the firm notes that new enrollments are increasing, which is likely to result in overall enrollment growth. BMO Capital believes that Adtalem Global Education Inc. current situation is advantageous, particularly following the recent decline in the stock price. They see the current levels as a favorable entry point for investors.

08. Credicorp Ltd. (NYSE:BAP)

Number of Hedge Fund Holders: 18

On July 7, Scotiabank analyst Jason Mollin revised his rating for Credicorp Ltd. (NYSE:BAP), upgrading it from Sector Perform to Outperform. Along with the upgrade, Mollin set a price target of $207 for the stock. This implies that the analyst expects Credicorp Ltd. to outperform its sector peers and reach a target price of $207.

Ariel Investment made the following comment about Credicorp Ltd. in its Q3 2022 investor letter:

“Peruvian banking franchise Credicorp Ltd. (NYSE:BAP) was another contributor to relative returns in the quarter as improving financial results and successful execution across its digital initiatives drove shares higher. We remain focused on Credicorp’s attractive long-term earnings potential. The company continues to garner higher customer satisfaction and strengthen its competitive moat by educating the unbanked and prospecting through a centralized data analytics platform to expand its client base. The company also views venture capital and the underdeveloped fintech market in Peru as an opportunity to boost growth and enhance shareholder value. At current levels, we believe the valuation is attractive and think Credicorp’s risk/reward dynamics are skewed to the upside, particularly in a rising interest rate environment.”

07. Hudbay Minerals Inc. (NYSE:HBM)

Number of Hedge Fund Holders: 25

Hudbay Minerals Inc. (NYSE:HBM) is another Canadian mining company. Headquartered in Toronto, Canada, the firm produces a wide variety of materials such as copper, zinc, and silver. It has mines in the U.S., Canada, and Peru. In a recent research note on July 7, Barclays analyst Matthew Murphy upgraded Hudbay Minerals Inc. from Equal Weight to Overweight. The price target for the stock remains unchanged at C$9. Despite the recent decline in the stock’s value, Murphy highlights several positive factors. These include improving production in Peru, the integration of Copper Mountain, and Hudbay Minerals Inc. promising medium-term exploration prospects. Additionally, the analyst mentions the potential growth from Copper World.

06. Exelon Corporation (NASDAQ:EXC)

Number of Hedge Fund Holders: 32

Exelon Corporation (NASDAQ:EXC) is a company that manages utility services and operates in the energy distribution and transmission sectors across the United States and Canada. The company purchases electricity and natural gas for regulated retail sale, distributes electricity, and supplies natural gas to retail customers. Exelon Corporation operates 21 nuclear reactors generating 17,800 megawatts. The company provides electricity and natural gas to nearly 10 million customers.

Shahriar Pourreza, an analyst at Guggenheim, provided a notable upgrade to Exelon Corporation on July 7, as the stock’s rating was raised from Neutral to Buy. Exelon Corporation holds a prominent position as a company dedicated to the operation of nuclear power plants, not limited to Illinois but extending its presence across multiple states. Pourreza’s decision to upgrade the rating signifies a positive outlook for Exelon Corporation prospects, suggesting potential growth and favorable investment opportunities. Investors should take note of this significant rating change by the Guggenheim analyst, considering Exelon Corporation expertise in the field of nuclear power generation.

05. Everest Re Group, Ltd. (NYSE:RE)

Number of Hedge Fund Holders: 41

Everest Re Group, Ltd. (NYSE:RE) is a Bermuda-based insurance and reinsurance company. The company operates in over 100 countries across the globe, including the US. Everest Re Group, Ltd.’s health insurance segment includes medical stop loss, short-term medical, pro sports disability, managed care, and group personal accident.

On July 7, Everest Re received a notable upgrade from Raymond James analyst C. Gregory Peters. The upgrade raised the stock’s rating from Outperform to Strong Buy. Additionally, Peters set a price target of $450, representing an increase from the previous target of $420. This upgrade by Raymond James suggests a strong belief in Everest Re’s potential, indicating an optimistic outlook for the stock’s performance.

ClearBridge Value Equity Strategy made the following comment about Everest Re Group, Ltd. in its Q4 2022 investor letter:

“Everest Re Group, Ltd. (NYSE:RE), in the financials sector, is a reinsurance and property and casualty insurer that has been improving operations and reducing risk. The reinsurance market has transitioned to a very “hard” market in the wake of hurricane Ian and structurally rising reinsurance losses. The demand for reinsurance is estimated to be up over $30 billion, with capital supply down by over $50 billion, which indicates that reinsurance pricing is set to increase 30% to 70% globally in 2023, creating an extremely positive fundamental driver for Everest Re. As a result, Everest Re should enjoy earnings growth in 2023 that is largely insulated from macro risks, and we were able to capitalize on the stock trading close to book value before the reality of this supply/demand mismatch was reflected in the price.”

04. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 52

Newmont Corporation (NYSE:NEM) is a mining company that produces a variety of metals such as gold, copper, zinc, lead, and silver. Barclays analyst Matthew Murphy, on July 7, upgraded Newmont Corporation from Equal-Weight to Overweight. However, he slightly lowered the price target from $62 to $61. This upgrade suggests that Murphy has a more positive outlook on the stock’s performance and believes it has the potential to outperform. Despite the slight adjustment to the price target, the overall sentiment is bullish.

03. First Horizon Corporation (NYSE:FHN)

Number of Hedge Fund Holders: 60

First Horizon Corporation is a prominent regional financial services company. Its subsidiary, First Horizon Bank, operates in 12 states across the southern U.S. The company and its subsidiaries provide a wide range of financial services. On July 6, Raymond James analyst Michael Rose upgraded First Horizon Corporation from Market Perform to Outperform. Additionally, Rose has set a price target of $13 for the stock. This upgrade indicates a more positive outlook on First Horizon Corporation performance, suggesting that the stock has the potential to outperform its market peers.

02. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 72

ConocoPhillips is an oil and gas company with operations all over the world. According to Wolfe Research analyst Sam Margolin’s research note on July 7, ConocoPhillips has been upgraded from Peerperform to Outperform. Along with the upgrade, Margolin has set a price target of $120. This suggests that the analyst expects ConocoPhillips to outperform its industry peers and reach a target price of $120. Investors should take note of this upgraded recommendation from Wolfe Research when evaluating ConocoPhillips as a potential investment opportunity.

Smead Value Fund made the following comment about ConocoPhillips in its first quarter 2023 investor letter:

“Our biggest detractors were mainly a function of the decline in oil and gas prices. Ovintiv (OVV), which absorbed some of our Continental Resources proceeds and ConocoPhillips (NYSE: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.”

01. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 112

JPMorgan Chase & Co. is a successful and reputable financial services company offering various services. Its ability to adapt to market changes, provide valuable insights, and manage risk has contributed to its continued success. In a recent report issued on July 7, Wolfe Research upgraded the shares of JPMorgan Chase & Co. from a “peer perform” rating to an “outperform” rating. Additionally, they have set a price target of $170 for the stock. This upgrade suggests that Wolfe Research expects JPMorgan Chase & Co. to outperform its industry peers and reach a target price of $170.

Manole Capital Management made the following comment about JPMorgan Chase & Co. in its second quarter 2023 investor letter:

“It will be interesting to see what kind of policy decisions are made around regulation for institutions that are between $100 billion of assets and $700 billion of assets. As JPMorgan Chase & Co. (NYSE:JPM)’s purchase of First Republic shows, scale is a competitive advantage. It now has 13% of total US deposits and it manages 21% of America’s credit card spending. With additional regulatory burdens coming, banks are facing a profitability headwind and 100 to 300 basis points of possible ROE erosion.

The banking sector is facing a slow-moving crisis, but we aren’t sure it is enough to sink the overall health of the US consumer or economy. Credit will contract and lending standards will continue to rise. However, we do not see this problem escalating to the size and scale of previous banking crises.

Jamie Dimon, Chairman and CEO of JP Morgan Chase clearly sees the risks these FINTECH companies present. In his annual letter to shareholders, he stated that all incumbent banks should be “scared shitless” of these FINTECH rivals. Not only is his bank being attacked from multiple angles, but Apple just launched a cash management program with Goldman Sachs. On the first day of Apple’s savings program, it raised $400 million and eclipsed $1 billion in its first four days. Dimon specifically labeled Apple a bank the other day in an interview when he said, “It may not have insured deposits, but it’s a bank. If you move money, hold money, manage money, lend money — that’s a bank.”

You can also take a look at 10 Best Natural Gas Stocks to Buy Now and 10 Best Green Energy Penny Stocks to Buy Now