NVIDIA To Rally Around 27%? Here Are 10 Top Analyst Forecasts For Thursday
Portfolio Pulse from Avi Kapoor
Top Wall Street analysts have updated their price targets and ratings for several US-listed companies, including NVIDIA, Okta, Bandwidth, Pure Storage, Macy's, Salesforce, Western Midstream Partners, Duolingo, Patterson Companies, and Sonic Automotive. The changes include both upgrades and downgrades, with significant price target adjustments reflecting analysts' revised expectations for these companies.
February 29, 2024 | 3:40 pm
News sentiment analysis
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NEGATIVE IMPACT
TD Cowen lowered Macy's price target from $23 to $20 and downgraded the stock to Market Perform. Shares fell 7.7% to close at $18.41.
The downgrade and price target reduction for Macy's indicate a bearish outlook, likely contributing to the short-term negative price movement.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Piper Sandler cut Patterson Companies' price target from $34 to $28 and downgraded the stock to Neutral. Shares fell 7.3% to close at $26.74.
The downgrade and price target cut for Patterson Companies suggest a bearish outlook, likely leading to further short-term negative price movement.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
Morgan Stanley raised Sonic Automotive's price target from $35 to $40, maintaining an Underweight rating. Shares fell 0.4% to close at $51.24.
Despite the price target increase, the Underweight rating by Morgan Stanley suggests a cautious outlook, potentially limiting short-term upside.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Citigroup raised Western Midstream Partners' price target from $30 to $34 but downgraded the stock to Neutral. Shares fell 1.8% to close at $33.42.
The mixed signals of a price target increase and a downgrade to Neutral suggest uncertainty, likely resulting in a neutral short-term price impact.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Barclays raised Bandwidth's price target from $20 to $22, maintaining an Overweight rating. Shares surged 51.8% to close at $18.44.
The price target increase and the substantial share price surge indicate strong investor confidence and potential for further short-term appreciation.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 95
POSITIVE IMPACT
Baird raised Salesforce's price target from $310 to $355, maintaining an Outperform rating. Shares rose 0.1% to close at $299.77.
The price target increase for Salesforce by Baird suggests continued confidence in the company's growth, potentially leading to further short-term price increases.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
UBS raised Duolingo's price target from $230 to $275, maintaining a Buy rating. Shares climbed 0.5% to close at $195.51.
The significant price target increase for Duolingo indicates a strong bullish outlook, which could lead to further short-term price appreciation.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
NVIDIA's price target was raised from $790 to $985 by Tigress Financial, maintaining a Buy rating. Shares fell 1.3% to close at $776.63.
The significant increase in NVIDIA's price target by Tigress Financial suggests a strong bullish outlook, potentially leading to positive short-term price movement despite the recent dip.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Bernstein raised Okta's price target from $84 to $114, maintaining a Market Perform rating. Shares rose 0.5% to close at $87.30.
The increase in Okta's price target by Bernstein indicates a positive adjustment in the company's valuation, which could lead to further short-term gains.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 85
POSITIVE IMPACT
UBS raised Pure Storage's price target from $38 to $44, maintaining a Neutral rating. Shares gained 1.5% to close at $42.12.
The price target hike for Pure Storage suggests a positive outlook, which could support further short-term price growth.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80