Goldman Sachs recently upgraded Toll Brothers, a construction stock, citing the company’s potential to benefit from the ongoing building demand. Analyst Susan Maklari expressed confidence in Toll Brothers’ revenues, profitability, and returns, leading to a more optimistic outlook. The price target was raised to $124 per share, indicating a 4% upside from the previous close of $119.32. This upgrade reflects the firm belief that new home sales will continue to outperform and support Toll Brothers’ growth trajectory.
UBS has upgraded Newmont Corporation to buy from neutral, driven by the anticipated increase in gold prices in the coming years. Analyst Daniel Major highlighted the upside potential linked to a positive gold price forecast, underperformance in Newmont stock, and expected benefits from upcoming divestments. With a new price target of $50 per share, UBS forecasts a 22% upside from the current value of $40.82. The firm believes that Newmont’s strategic divestments will enhance its portfolio and position it favorably in the industry.
UBS has also upgraded Best Buy, a major electronics and appliances retailer, from neutral to buy, projecting a potential uptrend in the company’s stock value. Analyst Michael Lasser raised the price target to $106 per share, implying a 22% increase from the previous close. The optimism stems from the expected appliance upgrade cycle and new product offerings, which are anticipated to boost Best Buy’s sales performance. The restructuring efforts and market share growth are seen as factors that could drive significant earnings growth for the retailer.
In contrast to the upgrades seen in other companies, Morgan Stanley adopted a slightly cautious approach towards Nike, a prominent apparel giant. While the bank reiterated its overweight rating on Nike’s shares, it lowered the price target to $114 from $116. Analyst Alex Straton highlighted concerns about Nike’s strategic direction and long-term growth potential, leading to a range-bound stock performance. Despite the cautious stance, Morgan Stanley remains optimistic about potential catalysts and positive EPS revisions in the near term.
Overall, the recent analyst calls and stock chatter indicate a mixed sentiment in the market, with some companies receiving upgrades based on growth prospects and positive outlooks, while others face cautious evaluations due to uncertainties and challenges. It is essential for investors to carefully analyze these updates and consider the implications for their investment decisions in the ever-evolving stock market landscape.