Shopify To Rally Around 12%? Here Are 10 Top Analyst Forecasts For Wednesday
Portfolio Pulse from Avi Kapoor
Wall Street analysts have updated their price targets and ratings for several US-listed companies, including Dollar Tree, SLM Corporation, Five Below, American Express, Garmin, Shopify, PVH Corp, Nuvei Corporation, Coinbase Global, and Globant. The adjustments include both upgrades and downgrades, with corresponding changes in price targets. Most of the mentioned stocks experienced a decline in their share prices on Tuesday.
April 03, 2024 | 12:27 pm
News sentiment analysis
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POSITIVE IMPACT
American Express had its price target raised from $214 to $240 by JP Morgan, maintaining an Overweight rating. Shares fell 0.9% on Tuesday.
The increase in price target and positive rating suggest a bullish outlook, which could lead to an upward movement in the stock price despite the recent dip.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Globant's price target was reduced from $275 to $270 by HSBC, maintaining a Buy rating. Shares fell 2% on Tuesday.
The minor adjustment in price target alongside a maintained Buy rating suggests continued confidence in the company's prospects, which could lead to recovery in the stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Shopify's price target was raised from $85 to $87 by Baird, maintaining an Outperform rating. Shares fell 0.1% on Tuesday.
The slight increase in price target and positive rating indicate continued confidence from analysts, potentially leading to positive investor sentiment and stock price gains.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
NEUTRAL IMPACT
Coinbase Global's price target was raised from $160 to $230 by Keefe, Bruyette & Woods, maintaining a Market Perform rating. Shares fell 2.5% on Tuesday.
The substantial increase in price target is a positive signal, but the Market Perform rating and recent share price decline suggest a neutral short-term outlook for the stock.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75
NEUTRAL IMPACT
Garmin's price target was increased from $120 to $165 by B of A Securities, with a maintained Neutral rating. Shares fell 1.1% on Tuesday.
The significant increase in price target is positive, but the Neutral rating and recent stock performance suggest a cautious outlook that may limit immediate stock price gains.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
JP Morgan increased SLM Corporation's price target from $20 to $22, maintaining a Neutral rating. Shares fell 0.8% on Tuesday.
While the price target increase is positive, the Neutral rating and the stock's recent performance suggest a mixed outlook that may not significantly impact the stock price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Dollar Tree's price target was cut from $150 to $140 by Gordon Haskett, and its rating was downgraded from Buy to Hold. Shares fell 0.9% on Tuesday.
The downgrade and price target cut by a prominent analyst could lead to short-term negative sentiment among investors, potentially pressuring the stock price further.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Five Below's price target was reduced from $210 to $200 by Gordon Haskett, downgrading the stock from Buy to Accumulate. Shares fell 4.3% on Tuesday.
The downgrade and price target reduction indicate a less optimistic outlook from analysts, which could lead to further declines in the stock price in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Nuvei Corporation had its price target cut from $40 to $34 by Canaccord Genuity, downgrading the stock from Buy to Hold. Shares fell 0.5% on Tuesday.
The downgrade and price target cut reflect a more cautious outlook from analysts, which could negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
PVH Corp's price target was reduced from $155 to $140 by Telsey Advisory Group, maintaining an Outperform rating. Shares fell 22.2% on Tuesday.
Despite the maintained positive rating, the significant drop in share price and reduced price target could indicate underlying issues, potentially leading to further short-term declines.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90