Wall Street Analysts See Upside Potential for 10 Stocks with Rising Price Targets

Published August 24, 2023 at 5:27 pm EDT Updated September 7, 2026 at 12:02 pm EDT

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

Investors in bonds are experiencing favorable conditions not seen since the Financial Crisis. There’s a noticeable shift of funds from stocks to higher-quality credit. This trend might continue if the Federal Reserve keeps tightening its policies. The idea of sustained higher global interest rates is causing many investors to consider moving from stocks to bonds. Based on data from Bloomberg, fixed-income investments currently provide a yield premium of 180 basis points over the dividend returns stocks offer. This difference is the widest it’s been in 15 years. This gap is expected to persist or grow further as traders speculate that the era of low-interest rates is concluding. On August 24, Nasdaq futures experienced a rally driven by the positive outlook presented by Nvidia Corp., which has reignited the enthusiasm surrounding artificial intelligence, a trend propelling tech stocks throughout the year. Nvidia saw a 7.9% increase in premarket trading following announcing a third consecutive sales forecast that surpassed analysts’ expectations. Microsoft Corp. and Amazon.com, Inc. (NASDAQ:AMZN) shares also increased. Contracts associated with the Nasdaq 100, which has a strong representation of technology companies, witnessed a rise of 1.2%. Additionally, futures tied to the S&P 500 index indicated the potential for further gains in the stock market.

According to Bloomberg, insiders within China’s Local Government Financing Vehicles (LGFVs) indicate that the existing $9 trillion debt issue is deteriorating. These entities, responsible for local government financing, are reducing their investment activities. This approach is ineffective in certain regions despite attempts to make LGFVs more self-sufficient. China faces a complex challenge in addressing its substantial off-balance-sheet local government debt, amounting to $9 trillion. The government aims to mitigate risks associated with this debt burden without resorting to significant bailout measures. However, this course of action is fraught with difficulties for President Xi Jinping’s administration. The regions—provinces, and cities—that drove China’s massive infrastructure expansion through borrowing will need to curtail spending and restructure their debt. Achieving this without significantly hampering economic growth is a delicate balance. Failure to do so could lead to prolonged economic stagnation, impacting the world’s second-largest economy.

On the European front, Turkey’s central bank unexpectedly raised interest rates to 25% to curb inflation, reported CNBC. This move, exceeding predictions, reflects the bank’s commitment to use monetary policy to rein in rising prices. The previous main policy rate stood at 17.5%, while experts surveyed by Reuters had anticipated a rise to 20%. After the announcement, the Turkish lira, which has been struggling, reacted positively against the euro and the U.S. dollar. The dollar saw a 1.6% drop against the lira, while the euro experienced a 1.5% decrease against the Turkish currency. The central bank committee’s decision emphasized the need for ongoing tightening measures to address inflation, control price behavior, and establish a disinflation trajectory. Given persistent inflation and other factors, the bank has revised its year-end inflation projection from 22.3% to 58%, aiming for the upper limit of the forecast range. The appointment of former Wall Street Banker Hafize Gaye Erkan as the new central bank governor in June signaled a change in direction from the controversial strategy of reducing interest rates amid soaring inflation. The central bank has implemented rate hikes in June and July, and this latest increase suggests a return to policy orthodoxy. The move is expected to reassure investors and potentially lead to interest rates surpassing 30% in the coming months, aiding Turkey’s macroeconomic balance. However, there remains uncertainty about whether President Erdogan supports this decision and the fate of Governor Erkan.

On the stock market front, analysts are bullish on tech stocks such as Amazon.com, Inc. (NASDAQ:AMZN), Baidu, Inc. (NASDAQ:BIDU), and energy stock Antero Resources Corporation (NYSE:AR). Check out the complete article to see the details of these upward revisions in price targets.

Wall Street Analysts See Upside Potential for 10 Stocks with Rising Price Targets

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10. Fortive Corporation (NYSE:FTV)

Upside Potential: N/A

On August 23, TD Cowen upheld its current evaluation of Fortive Corporation (NYSE:FTV) by maintaining a “Market Perform” rating for its stock. However, there’s an upward adjustment in their price target, which has been revised from $70 to $72. In practical terms, designating a “Market Perform” status indicates that TD Cowen anticipates Fortive Corporation stock to yield returns that align with the general market trends. This could imply that they don’t foresee significant outperformance or underperformance from Fortive Corporation compared to the broader market. The updated price target of $72 suggests that TD Cowen believes Fortive Corporation stock has the potential to reach this value within a specified timeframe. This upward adjustment in the price target might indicate TD Cowen’s positive outlook regarding Fortive Corporation growth prospects, albeit not to the extent that would prompt a more bullish rating.

Similar to the positive sentiment seen in Amazon.com, Inc., Baidu, Inc., and energy company Antero Resources Corporation, experts also hold an optimistic view on Fortive Corporation.

Cooper Investors made the following comment about Fortive Corporation in its Q4 2022 investor letter:

“Fortive Corporation (NYSE:FTV) completed several acquisitions and had probably its best year operationally since the 2016 spin-off from Danaher, reporting several quarters in a row of double-digit organic growth and margin expansion that beat market estimates. The business has now unlocked the potential we always saw in it, with software almost a quarter of revenues today, providing a nice element of recurring cash flow to support the more cyclical industrial parts of the group.”

09. Dutch Bros Inc. (NYSE:BROS)

Upside Potential: 7%

Piper Sandler analyst Aisling Grueninger, on August 23, decided to revise the price target for Dutch Bros Inc. (NYSE:BROS) from $30 to $33. This change comes within the context of maintaining a “Neutral” rating for the company. Dutch Bros Inc., known for its coffee drive-thru business model, has received this upward adjustment in its price target. In essence, the new price target of $33 reflects Piper Sandler’s expectation that Dutch Bros Inc. stock could potentially reach this value in a given period. It’s worth noting that Aisling Grueninger’s decision to maintain a “Neutral” rating suggests that they view the company’s performance as likely to align with the broader market without a significant lean toward either outperformance or underperformance. The decision to increase the price target might be attributed to the perceived progress that Dutch Bros Inc. has made as they exited the recent quarter.

Much like the positive outlook for Amazon.com, Inc., Baidu, Inc., and energy firm Antero Resources Corporation, analysts are also expressing optimism about Dutch Bros Inc..

08. Coty Inc. (NYSE:COTY)

Upside Potential: 10%

On August 23, Morgan Stanley increased its target for Coty Inc. (NYSE:COTY), a well-known beauty and cosmetics company. The new target price has been adjusted from $11.27 to $12.25, indicating a potential increase of 5.1%. Despite this adjustment, Morgan Stanley’s rating for the stock remains “Equal Weight”. In practical terms, this target price adjustment suggests that Morgan Stanley believes Coty Inc. stock could reach $12.25 within a specified period. The “Equal-Weight” rating indicates that Morgan Stanley views the company’s performance as likely to align with the overall market trends without strongly leaning towards either outperformance or underperformance.

Meridian Hedged Equity Fund made the following comment about Coty Inc. in its Q4 2022 investor letter:

“A leading global manufacturer and distributor of cosmetics, fragrances, and other beauty care goods, Coty Inc. (NYSE:COTY) advanced as steady consumer demand helped it post greater-than-expected quarterly revenues and improved gross margins. More broadly, the company is building momentum around a hi business transformation that’s in the early innings but has already seen success in e-commerce and direct-to-consumer gains, as well as a rising presence in China. It’s also sharpening its focus on its leading brands as evidenced by its December announcement that it was selling its Lacoste fragrance license back to Lacoste. Coty, which separately announced an expansion of its existing stock buyback program, said it will use the Lacoste deal proceeds to reduce its leverage.”

07. CrowdStrike Holdings, Inc. (NSDAQ:CRWD)

Upside Potential: 17%

On August 23, UBS Group, a well-regarded financial institution, opted to raise its target for CrowdStrike Holdings, Inc. (NSDAQ:CRWD), a prominent cybersecurity company. The updated target price has been elevated from $170 to $180, indicating a potential increase of 1.0%. UBS Group has also maintained its “Buy” rating for the stock. In practical terms, this upward adjustment in the target price signifies that UBS Group believes CrowdStrike Holdings, Inc. (NSDAQ:CRWD) stock has the potential to reach $180 within a specified period. The “Buy” rating implies that UBS Group has a positive outlook for the company’s performance and believes it could be a prudent choice for investors.

Artisan Developing World Fund made the following comment about CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q1 2023 investor letter:

“Top contributors to performance for the quarter included graphics semiconductor company Nvidia, Southeast Asian e-commerce platform Sea, Latin American marketplace MercadoLibre, online travel marketplace Airbnb, and endpoint security company CrowdStrike Holdings, Inc. (NASDAQ:CRWD). CrowdStrike rebounded as its financial results eased demand-related

06. Lowe’s Companies, Inc. (NYSE:LOW)

Upside Potential: 17%

On August 23, Guggenheim decided to modify its price target for Lowe’s Companies, Inc.. The new price target has been revised from $240 to $250, indicating a potential increase in the target price. Furthermore, Guggenheim has chosen to uphold its “Buy” rating for the company. In practical terms, this adjustment in the price target suggests that Guggenheim believes Lowe’s stock has the potential to reach $250 within a specific timeframe. The “Buy” rating underscores Guggenheim’s positive outlook on Lowe’s Companies, Inc. performance, indicating that they believe it could be a favorable investment choice.

Baron Real Estate Fund made the following comment about Lowe’s Companies, Inc. in its first quarter 2023 investor letter:

“Lowe’s Companies, Inc. (NYSE:LOW) is the second-largest home improvement center in the U.S. The company has several competitive advantages including scale, distribution efficiencies, interconnected retail through stores/internet, excellent management, and a strong balance sheet. The company’s P/E multiple is only 14 times versus its long-term average P/E multiple of 18 times.”

05. Medtronic plc (NYSE:MDT)

Upside Potential: 23%

On August 23, UBS Group opted to revise its target for Medtronic plc (NYSE:MDT), a well-established player in medical technology. The newly adjusted target price has been altered from $79 to $82, suggesting the potential for an increase in the target valuation. Despite this alteration, UBS Group has upheld its “Sell” rating for the stock. This modification in the target price indicates that UBS Group envisions the possibility of Medtronic plc (NYSE:MDT) stock reaching the $82 mark within a specific timeframe. The “Sell” rating underscores UBS Group’s perspective that the company’s performance might not be in sync with favorable market trends. Their analysis suggests that it may not be an appealing choice for investment.

Appleseed Fund made the following comment about Medtronic plc (NYSE:MDT) in its Q1 2023 investor letter:

“During the most recent quarter, Appleseed Fund added three new equity holdings: Medtronic plc (NYSE:MDT), Stanley Black & Decker (SWK), and Synovus Financial (SNV). Medtronic is the world’s largest device manufacturer, and it holds the number one or number two market share in most of its product segments. Medtronic’s business is heavily weighted towards complicated in-patient procedures, which are typically quite profitable. Industry dynamics are quite attractive with an aging global population and the growth of improved healthcare in emerging markets; furthermore, most of its segments are highly concentrated with just 2-3 players that split each segment’s market share, affording the key participants with significant economies of scale and pricing power. The Company has been recently addressing several temporary headwinds including a strong dollar, inflation, a delayed recovery in surgical volumes from the coronavirus pandemic, and supply chain issues. Once these issues reach the rearview mirror, the Company’s growth and margin expansion plans should transform into reality.”

04. Antero Resources Corporation (NYSE:AR)

Upside Potential: 24%

The Goldman Sachs Group decided on August 23 to increase its target for Antero Resources Corporation, a company in the energy sector. The updated target price has been raised from $28 to $32, indicating the potential for an upward shift in the target valuation. The “Buy” rating for the stock remains unchanged. This adjustment in the target price signifies that The Goldman Sachs Group anticipates the potential for Antero Resources Corporation stock to reach $32 within a specified period. The “Buy” rating continues to reflect The Goldman Sachs Group’s positive view on the company’s performance, indicating that they consider it a favorable investment choice.

Carillon Eagle Mid Cap Growth Fund made the following comment about Antero Resources Corporation in its Q1 2023 investor letter:

“Antero Resources Corporation (NYSE:AR) is a natural gas exploration and production company with operations in the Appalachian Basin. Overall natural gas storage inventories recently have reached slightly elevated levels, due largely to the milder than average winter experienced across the globe. This dynamic has weighed on benchmark natural gas prices, and in turn has pressured Antero’s stock. Despite these current headwinds, we believe the company’s relatively low-cost operations, strong balance sheet, positive recent productivity trends, and ability to price its production at a premium to benchmark prices should position it well to weather the current choppy environment until the country’s liquified natural gas export capacity increases over the next several years.”

03. Baidu, Inc. (NASDAQ:BIDU)

Upside Potential: 34%

On August 23, Barclays chose to increase its target for Baidu, Inc., a prominent Chinese technology company. The newly adjusted target price has been raised from $181 to $183, indicating the potential for a slight upward adjustment in the target valuation. Barclays has also maintained its “Overweight” rating for the stock. This change in the target price suggests that Barclays envisions the potential for Baidu, Inc. stock to reach $183 within a specified period. The “Overweight” rating underscores Barclays’ positive perspective on the company’s performance, indicating that it is an attractive investment choice.

Here is what Tweedy, Browne has to say about Baidu, Inc. in its Q1 2023 investor letter:

“Many, if not most, stocks held in the Funds’ portfolios performed quite well in the first quarter. This was particularly true for the Funds’ non-US equity holdings, many of which have come into their own over the last two quarters, despite years of underperformance versus their US counterparts – a welcome shift given that our Funds’ portfolios have been somewhat non-US-centric in terms of their portfolio allocations for well over a decade. The Funds also received a long overdue boost from their Chinese and Hong Kong-based holdings in the wake of China’s reopening and the government’s signaling of a relaxation of their interventionist policies. This included strong returns in Baidu, Inc. among others.”

02. Amazon.com, Inc. (NASDAQ:AMZN)

Upside Potential: 46%

Loop Capital’s analyst, Rob Sanderson, expressed an optimistic outlook on Amazon.com, Inc. and has consequently raised the price target for the company. The price target has been increased by 11.1%, moving from $180 to $200 as of August 23. Despite this adjustment, Rob Sanderson has chosen to uphold the “Strong Buy” rating for the stock. This adjustment in the price target reflects Rob Sanderson’s belief that Amazon.com, Inc. stock has the potential to reach $200 within a specific timeframe. The “Strong Buy” rating emphasizes Rob Sanderson’s positive stance on the company’s performance, suggesting they consider it a highly favorable investment choice.

Mairs & Power Growth Fund made the following comment about Amazon.com, Inc. in its second quarter 2023 investor letter:

“Regarding stock selection in the first half, Nvidia (NVDA) was a massive outperformer, up 189.54%. Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft were also positive contributors, up 55.19% and 42.66%, respectively. All three stocks benefited from a renewed interest in growth stocks by investors in the first half of the year.

Amazon had an impressive first half of the year as well with growth out of its retail segment but slightly slower growth in its cloud business. Customers optimized workloads for existing capacity they were already paying for rather than adding incremental capacity in the current environment. We remain very excited about the opportunity for the company to reduce the labor needs of its retail segment through the use of technology and automation in the future.”

01. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)

Upside Potential: 60%

On August 23, Eliana Merle, an analyst at UBS, increased the price target for Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), a pharmaceutical company. The updated price target has been raised by 6.7%, from $60 to $64, effective August 23, 2023. UBS has retained its “Buy” rating for the stock. This adjustment in the price target indicates Eliana Merle’s belief that Apellis Pharmaceuticals, Inc. stock has the potential to reach $64 within a specified timeframe. The “Buy” rating signifies UBS’s positive perspective on the company’s performance, suggesting that they consider it a favorable investment opportunity.

You can also take a look at 10 Stocks That Will Change the Future and 15 Worst Performing Healthcare Stocks in 2023.