In this article, we will discuss the 10 stocks whose price targets were recently raised by analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts See Upside Potential for 5 Stocks with Rising Price Targets.
05. Marathon Petroleum Corporation (NYSE:MPC)
Upside Potential: 16%
On September 20, Raymond James analyst Justin Jenkins has taken a bullish stance on Marathon Petroleum Corporation (NYSE:MPC). Jenkins has increased the price target for Marathon Petroleum Corporation (NYSE:MPC) from $165.00 to $177.00 while upholding a “Strong Buy” rating for the stock. This adjustment in the price target reflects Jenkins’ confidence in Marathon Petroleum Corporation (NYSE:MPC) future potential. As of the most recent market data, Marathon Petroleum Corporation (NYSE:MPC) is currently trading at $152.67, indicating a modest 0.3% increase from its previous trading price. This slight uptick in the stock price aligns with the positive sentiment expressed by Raymond James through the upward revision of the price target. Jenkins’ decision to raise the price target for Marathon Petroleum Corporation (NYSE:MPC) to $177.00 underscores his belief in the company’s prospects. The new price target implies a substantial upside potential of 16% from the current trading price, emphasizing Jenkins’ conviction in Marathon Petroleum’s ability to deliver strong results and maintain a competitive position in the energy sector.
04. Constellation Brands, Inc. (NYSE:STZ)
Upside Potential: 17%
In a notable development within the beverage industry, JP Morgan analyst Andrea Teixeira has expressed continued confidence in Constellation Brands, Inc. (NYSE:STZ), the Mexican beer powerhouse company. On September 20, Teixeira reaffirmed an “Overweight” rating for the stock and made an upward adjustment to the price target, raising it from $276.00 to $307.00. This price target revision highlights JP Morgan’s optimistic outlook for Constellation Brands, Inc. (NYSE:STZ) future performance. As of the most recent market data, Constellation Brands, Inc. (NYSE:STZ) is trading at $261.90, indicating a modest 0.7% increase from its previous trading price. This upward movement in the stock price aligns with the positive sentiment conveyed by JP Morgan through the upward revision of the price target. Teixeira’s decision to raise the price target for Constellation Brands, Inc. (NYSE:STZ) to $307.00 underscores her belief in the company’s future potential. The new price target implies a significant upside potential of 17% from the current trading price, emphasizing JP Morgan’s conviction in Constellation Brands, Inc. (NYSE:STZ) ability to deliver robust results and maintain a competitive position in the beverage industry.
03. Pinterest, Inc. (NYSE:PINS)
Upside Potential: 18%
On September 20, JPMorgan analyst Doug Anmuth adjusted his outlook on Pinterest, Inc. (NYSE:PINS). Anmuth has raised the price target for Pinterest, Inc. (NYSE:PINS) from $30.00 to $32.00, indicating a slightly more positive stance on the stock’s potential. However, he has maintained a “Neutral” rating for the company, signifying a cautious approach. As of the most recent market data, Pinterest, Inc. (NYSE:PINS) is trading at $27.02, reflecting a 3.1% increase from its previous trading price. This upward movement in the stock price aligns with the slight optimism conveyed by JPMorgan through the upward revision of the price target. Anmuth’s decision to raise the price target for Pinterest, Inc. (NYSE:PINS) to $32.00 suggests he sees some room for growth beyond the current trading price. However, it’s important to note that the “Neutral” rating implies a balanced view, indicating that the analyst may have reservations about the stock’s performance despite the increased price target. Pinterest, Inc. (NYSE:PINS) operates in the competitive and dynamic social media and digital advertising space. JPMorgan’s price target adjustment reflects its assessment of Pinterest, Inc. (NYSE:PINS) growth potential within this industry, considering various market dynamics and factors affecting user engagement and revenue generation.
ClearBridge Multi Cap Growth Strategy made the following comment about Pinterest, Inc. (NYSE:PINS) in its Q2 2023 investor letter:
“The addition of Pinterest, Inc. (NYSE:PINS), a social media platform for visual discovery which allows users to find ideas and inspiration, also acts to diversify our traditional media exposure. We believe the company is poised to take share in the large and growing market for online advertising. Under the direction of new CEO Bill Ready, we see levers for improved user engagement and monetization. While relatively new to the company, we are encouraged by Ready’s track record in prior company roles as well as early signs of progress from his efforts. Pinterest is profitable on a non-GAAP basis today, but we also see opportunities for meaningful margin expansion as revenue scales.”
02. Microsoft Corporation (NASDAQ:MSFT)
Upside Potential: 25%
Microsoft Corporation (NASDAQ:MSFT) has experienced a remarkable performance in 2023, with its stock price surging by an impressive 34%. This surge has undoubtedly caught the attention of both investors and analysts in the financial market. On September 19, analyst Mark Moerdler from Sanford C. Bernstein reaffirmed his “Outperform” rating on Microsoft Corporation (NASDAQ:MSFT) stock and adjusted his price target. He increased the price target from $398 to $400, signaling his continued confidence in the company’s growth potential. As of the latest available data, Microsoft Corporation (NASDAQ:MSFT) stock is trading at $320.77, representing a modest 2.4% decrease from its previous trading price. This minor dip in the stock price should be considered in the context of the broader upward trajectory that Microsoft Corporation (NASDAQ:MSFT) has exhibited throughout the year. Mark Moerdler’s decision to maintain the “Outperform” rating and slightly increase the price target underscores his positive outlook on Microsoft’s stock performance. The new price target of $400 implies a further upside potential of 25% from the current trading price, reflecting his belief in Microsoft Corporation (NASDAQ:MSFT) ability to deliver robust results and maintain a competitive edge in the technology sector. Microsoft Corporation (NASDAQ:MSFT) is a prominent player in the tech industry, with a diverse portfolio of software, cloud services, and hardware products. The company’s strong financial performance and leadership position in cloud computing have contributed to its stock’s impressive run in 2023.
Artisan Global Opportunities Fund made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its Q2 2023 investor letter:
“We initiated new GardenSM positions in Workday, ABB and Microsoft Corporation (NASDAQ:MSFT) during the quarter. We decided to start a new campaign in Microsoft this quarter based on our view that it is the cleanest and clearest way to invest in the rise of generative AI. The company is building AI-driven copilots (AI-driven productivity tools) into all parts of the ecosystem, and it has become increasingly clear to us that this is the way the world is moving. These efforts started with Microsoft-owned GitHub Copilot to help software developers write code more efficiently. However, Microsoft has announced new Copilot features across other applications, such as Windows, which could significantly improve productivity for its massive user base. Given the pace of innovation around introducing these features across its products (e.g., GitHub, Office 365, Dynamics 365), we believe knowledge workers will capture productivity gains and the company will capture higher revenues per user. Furthermore, the rise of AI will also lead to more Azure usage and strengthen its lead over public cloud competitors. Microsoft’s access to sell these fast-moving services to its existing base of enterprise customers simply cannot be matched by any of its peers.”
01. Workiva Inc. (NYSE:WK)
Upside Potential: 25%
In a notable development within the technology sector, Baird analyst Rob Oliver has expressed a positive outlook on Workiva Inc. (NYSE:WK). On September 20, he raised the price target for the company’s stock from $125 to $134. This price target adjustment signals his continued confidence in Workiva Inc. (NYSE:WK) growth potential. As of the most recent market data, Workiva Inc. (NYSE:WK) is trading at $107.55, indicating a modest 0.4% increase from its previous trading price. While the increase may appear incremental, it should be considered within broader market dynamics and the optimism conveyed by Rob Oliver’s upward revision of the price target. Rob Oliver’s decision to maintain the “Outperform” rating and raise the price target to $134 underscores his positive outlook for Workiva Inc. (NYSE:WK) stock performance. The new price target suggests a potential upside of 25% from the current trading price, emphasizing his belief in Workiva Inc. (NYSE:WK) ability to deliver strong results and remain competitive within the industry.
Mairs & Power Small Cap Fund made the following comment about Workiva Inc. (NYSE:WK) in its first quarter 2023 investor letter:
“Also helping relative performance were Workiva Inc. (NYSE:WK) in Technology, an Iowa-based provider of software for reporting and governance that is seeing early traction in ESG data collection and reporting which is a newer market for the firm.”
You can also take a look at 15 Worst Performing Currencies of 2023 and Semiconductor Market Share By Company: Top 12
