Analysts Are Increasing Price Targets of These 10 Stocks
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 Analysts Are Increasing Price Targets of These 10 Stocks.
Social network giant Meta Platforms, Inc. (NASDAQ:META), streaming behemoth Netflix, Inc. (NASDAQ:NFLX) and consumer goods giant The Procter & Gamble Company (NYSE:PG) recently came into the spotlight after receiving price-target hikes from analysts.
Netflix, Inc. (NASDAQ:NFLX) and The Procter & Gamble Company (NYSE:PG) received the updated price targets following their latest quarterly performance. On the other hand, MKM Partners increased its price target for Meta Platforms, Inc. (NASDAQ:META), citing an improvement in ad spending in the coming quarters.
Meanwhile, tech stocks, including Block, Inc. (NYSE:SQ) and Coinbase Global, Inc. (NASDAQ:COIN), were also on the list of 10 stocks receiving price-target hikes from analysts. Check out the remaining article to see the details of the aforesaid price actions.
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10. PagerDuty, Inc. (NYSE:PD)
Number of Hedge Fund Holders: 17
Shares of PagerDuty, Inc. (NYSE:PD) rose nearly six percent on Friday, January 20, after Morgan Stanley upgraded the cloud computing company from "Equal-Weight" to "Overweight."
The research firm also lifted its price target for PagerDuty, Inc. (NYSE:PD) from $32 per share to $36 per share, citing its attractive valuation. Analyst Sanjit Singh seemed impressed with the company's durable sales growth.
Singh thinks investors are underestimating the company's top-line growth and future margin expansion. He added that a subscription model has brought stability in sales, offering PagerDuty, Inc. (NYSE:PD) room to execute initiatives to improve cost structure and expand operating margin.
9. WNS (Holdings) Limited (NYSE:WNS)
Number of Hedge Fund Holders: 19
Baird raised its price target for WNS (Holdings) Limited (NYSE:WNS) from $88 per share to $90 per share on Friday, January 20. The research firm was primarily moved by the company's upbeat Q3 results and updated outlook for the full year.
WNS (Holdings) Limited (NYSE:WNS) recently released solid financial results for its fiscal third quarter. The company reported adjusted earnings of $1.01 per share, compared to 88 cents per share in the year-ago period.
In addition, adjusted sales for the quarter jumped 12.2 percent on a year-over-year basis to $292.9 million. The results exceeded the consensus of 97 cents per share for earnings and $290.7 million for sales.
Looking forward, WNS (Holdings) Limited (NYSE:WNS) now expects adjusted earnings in the range of $3.82 - $3.89 per share for its fiscal 2023, up from its previous outlook between $3.68 - $3.87 per share.
8. Ralph Lauren Corporation (NYSE:RL)
Number of Hedge Fund Holders: 22
Shares of Ralph Lauren Corporation (NYSE:RL) rose to a nearly 10-month high on Friday, January 20, after Barclays turned bullish on the fashion company. The research firm upgraded the stock from "Equal-Weight" to "Overweight" and lifted its price target from $101 per share to $134 per share.
Barclays analyst Paul Kearney called Ralph Lauren Corporation (NYSE:RL) a "best-in-class apparel brand," citing its brand elevation and opportunities in the digital and international segments.
The analyst also thinks that Ralph Lauren Corporation (NYSE:RL) has a greater direct-to-consumer foothold than rivals, giving it more protection even if retailers or wholesalers decide to stock less of its products.
7. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 28
JPMorgan increased its price target for Coinbase Global, Inc. (NASDAQ:COIN) from $53 per share to $60 per share on Friday, January 20.
Analyst Kenneth Worthington referred to the surge in cryptocurrency prices at the start of this year and how an exchange like Coinbase Global, Inc. (NASDAQ:COIN) could benefit from it.
Separately, Coinbase Global, Inc. (NASDAQ:COIN) recently suspended its operations in Japan. The move was primarily driven by volatile market conditions in the country. However, Oppenheimer thinks the decision won't have any significant impact on the company's sales.
Like Coinbase Global, Inc. (NASDAQ:COIN), analysts also recently raised their price targets for Meta Platforms, Inc. (NASDAQ:META), Netflix, Inc. (NASDAQ:NFLX) and The Procter & Gamble Company (NYSE:PG).
6. PPG Industries, Inc. (NYSE:PPG)
Number of Hedge Fund Holders: 34
Credit Suisse lifted its price target for PPG Industries, Inc. (NYSE:PPG) from $104 per share to $118 per share on Friday, January 20. The price-target hike came a day after the paints and coatings supplier posted better-than-expected financial results for the fourth quarter.
PPG Industries, Inc. (NYSE:PPG) reported adjusted earnings of $1.22 per share, down from $1.26 per share in the year-ago period but above analysts' average estimate of $1.13 per share. Revenue remained nearly unchanged at $4.2 billion, while analysts were looking for $4.12 billion.
For the current quarter, PPG Industries, Inc. (NYSE:PPG) anticipates adjusted earnings in the range of $1.10 - $1.20 per share. However, it expects Q1 sales to drop by a mid-single-digit percentage on a year-over-year basis.
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Disclosure: None. Analysts Are Increasing Price Targets of These 10 Stocks is originally published on Insider Monkey.
