10 Stocks Analysts Just Upgraded

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4. AMD (NASDAQ:AMD)

Market Cap: $828.86 billion

Average Upside Potential: 29%

Number of Hedge Fund Holders: 164

Oppenheimer analyst Rick Schafer upgraded AMD to Outperform from Perform on Monday, November 9, and set a $600 price target. Schafer’s thesis is that AI data center demand has further to run and AMD’s product cycle is positioned to capture it. “AMD’s server CPU and DCAI success is undeniable,” he wrote.

AMD designs processors and graphics chips for servers and AI data centers. Data center revenue nearly doubled in the third quarter, led by EPYC server chips, the first MI455 AI chip shipments, and Helios server racks. Schafer expects data center sales to rise 135% next year, with AI chips overtaking server processors in 2027.

He expects OpenAI and Meta to drive near-term AI chip growth, with Anthropic ramping soon after, and he projects capital spending by the five largest cloud providers to reach about $1.3 trillion in 2027. On last week’s worries over midterm politics and data centers, he wrote that he sees such risk as unlikely before the second half of 2028.

AMD says supply remains tight, and it expects a lower gross margin in the fourth quarter. Our take on how AMD’s premium valuation puts its execution under the microscope looks at what that valuation requires.

3. Fox (NASDAQ:FOX)

Market Cap: $26.81 billion

Average Upside Potential: 36%

Number of Hedge Fund Holders: 39

Seaport Global upgraded Fox to Buy from Neutral on Monday, November 9, with a $76 price target. The firm’s reasoning centers on Fox’s early closing of its Roku acquisition, which it says “fundamentally redefines Fox as a media business.”

Fox owns Fox News, the Fox broadcast network, Fox Sports, and the free streaming service Tubi. Seaport expects Roku to add significant operating income and free cash flow, and to make Fox less cyclical than a business built on news and sports. It also prefers the single-vote FOX shares, which trade at about an 11% discount to the no-vote FOXA shares.

The deal follows a record fiscal first quarter, in which revenue rose 22% to $4.57 billion and advertising revenue rose 47%, helped by sports, including the World Cup. Tubi’s streaming advertising added to digital growth, while higher sports rights costs and lower news digital advertising offset part of the gain.

Fox’s advertising mix is the main variable going forward, since the World Cup lift will not repeat. Our look at the Justice Department review of the Roku deal covers the regulatory background.

2. Cenovus Energy (NYSE:CVE)

Market Cap: $50.00 billion

Average Upside Potential: 48%

Number of Hedge Fund Holders: 42

Gerdes Energy Research upgraded Cenovus Energy to Buy from Neutral on Monday, November 9, and maintained its C$53 price target. The firm’s argument is valuation: the shares have fallen about 19% since mid-September, which Gerdes considers an overcorrection.

Cenovus produces oil and gas and operates refineries, so it earns money at several points along the energy chain. In the third quarter it set a company record for production and cut net debt by C$2.4 billion.

Gerdes also likes the Athabasca Oil acquisition, which is expected to close next month. It models the acquired assets at about 45,000 barrels a day initially, rising to roughly 115,000 barrels a day of thermal oil by 2032. The deal adds to a position in the oil sands where Cenovus is already among the larger producers. On Monday, Cenovus also announced a renewal of its normal course issuer bid, the program that lets it keep repurchasing shares.

Oil prices remain the main driver of cash flow. Our look at Cenovus entering the ranks of the world’s largest oil and gas producers traces how the company reached that position.

1. Cameco (NYSE:CCJ)

Market Cap: $32.53 billion

Average Upside Potential: 56%

Number of Hedge Fund Holders: 75

Paradigm Capital analyst Gordon Lawson upgraded Cameco to Buy from Hold on Monday, November 9, and lowered his price target to C$130 from C$150. Bulls on the stock point to the company’s stake in Westinghouse and a growing pipeline of new reactor projects.

Cameco mines uranium for nuclear power plants and owns 49% of Westinghouse, the reactor maker it bought together with Brookfield. Uranium earnings move with the price of the metal, while Westinghouse earns steadier income from fuel, parts, and servicing of operating reactors. Chief Executive Officer Tim Gitzel said each new AP1000 reactor “expands an installed base that requires decades of fuel, services, and maintenance.”

Recent news supports that view. The U.S. Nuclear Regulatory Commission now allows the AP1000 design to operate through 2066, a Kentucky developer has said it wants up to six AP1000 reactors, and a non-binding U.S.–South Korea framework anticipates further new builds. Management also says it will not chase uranium contracts for volume alone.

Third-quarter results were weaker, with a maintenance shutdown at the Key Lake mill raising costs. Our analysis of Cameco ahead of the Westinghouse IPO covers the stake in more detail.

READ NEXT: Jim Cramer Favors BWX Technologies (BWXT) Over Cameco (CCJ) and What Jim Cramer Says About Advanced Micro Devices’ (AMD) AI Opportunity

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