Intuit To Rally Around 14%? Here Are 10 Top Analyst Forecasts For Friday
Portfolio Pulse from Avi Kapoor
Top Wall Street analysts have updated their forecasts for several US-listed companies, leading to significant price target changes and rating adjustments. Notably, Intuit Inc. saw a price target increase from Piper Sandler, while Rivian Automotive experienced a substantial downgrade from UBS. Other companies such as ModivCare, Penumbra, Applied Optoelectronics, Floor & Decor Holdings, Bel Fuse, Q2 Holdings, Fox Corporation, and Altair Engineering also saw changes in their price targets and ratings.
February 23, 2024 | 1:22 pm
News sentiment analysis
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NEGATIVE IMPACT
Needham cut Bel Fuse's price target from $77 to $70, maintaining a Buy rating. Shares fell 28.7% to close at $50.02.
Despite maintaining a Buy rating, the significant price target cut by Needham and the sharp decline in shares indicate negative market sentiment.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
Jefferies cut ModivCare's price target from $60 to $39 and downgraded the stock from Buy to Hold. Shares fell 2.8% to close at $43.87.
The downgrade and price target cut by Jefferies likely contributed to the negative sentiment and subsequent decline in ModivCare's stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Rivian Automotive's price target was slashed from $24 to $8 by UBS, downgrading the stock from Buy to Sell. Shares dipped 25.6% to close at $11.45.
The significant price target cut and downgrade to Sell by UBS indicate a strong bearish outlook on Rivian, contributing to a sharp decline in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 95
NEUTRAL IMPACT
B. Riley Securities lowered Applied Optoelectronics' price target from $22 to $16, downgrading the stock from Buy to Neutral. Shares gained 6% to close at $20.35.
Despite the downgrade and price target cut, Applied Optoelectronics' shares increased, suggesting other market factors at play.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75
NEUTRAL IMPACT
Rosenblatt raised Altair Engineering's price target from $74 to $88, downgrading the stock from Buy to Neutral. Shares gained 3.4% to close at $89.86.
The price target increase and downgrade to Neutral by Rosenblatt suggest a complex market view, with shares still managing to rise.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75
NEUTRAL IMPACT
JP Morgan lowered Penumbra's price target from $284 to $250, downgrading the stock from Overweight to Neutral. Shares rose 1.7% to close at $262.68.
Despite the downgrade and price target reduction by JP Morgan, Penumbra's shares rose, indicating mixed market reactions.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Telsey Advisory Group increased Floor & Decor's price target from $95 to $110, maintaining a Market Perform rating. Shares gained 3.9% to close at $113.53.
The price target increase and maintained Market Perform rating by Telsey Advisory Group likely contributed to positive sentiment and stock price gain.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Citigroup increased Fox Corporation's price target from $34 to $35, upgrading the stock from Neutral to Buy. Shares fell 0.3% to close at $29.85.
The upgrade and slight price target increase by Citigroup indicate a positive outlook on Fox Corporation, despite the minor share price dip.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Intuit Inc. received a price target increase from $642 to $750 by Piper Sandler, maintaining an Overweight rating. Shares gained 3.1% to close at $657.92.
The price target increase and maintained Overweight rating by Piper Sandler suggest a strong bullish sentiment towards Intuit, likely leading to positive short-term price movement.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Canaccord Genuity increased Q2 Holdings' price target from $40 to $55, maintaining a Buy rating. Shares gained 9.9% to close at $45.98.
The price target increase and maintained Buy rating by Canaccord Genuity suggest strong confidence in Q2 Holdings, leading to a significant stock price gain.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85