DRAFT – Apple, Alphabet and 6 More Top Stocks Analysts Want You to Buy Now – 24/7 Wall St.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new ideas for investors and traders alike. The calls seen in the past week show that analysts still favor tech stocks, even though the sector has soared in the past year but struggled lately.
Analysts favored the following nine stocks this past week.
Alphabet Inc. (NASDAQ: GOOGL) reported stellar second-quarter results last week. Following the reports, Jefferies reiterated its Buy rating and raised its price target from $2,950 to $3,150. Credit Suisse reiterated an Outperform rating and raised its target from $3,350 to $3,400. (BofA) Securities reiterated a Buy rating and boosted its target from $2,755 to $3,150. JPMorgan reiterated the company at Overweight and raised the target from $2,875 to $3,250. The stock closed at $2,694.53 on Friday, in a 52-week range of $1,402.15 to $2,765.94. Shares have a consensus price target of $2,764.46.
Apple Inc. (NASDAQ: AAPL) also reported June-quarter earnings last week, but it uttered a word of caution regarding its supply chain, a word investors and analysts were not pleased to hear. Nevertheless, most brokerages kept their Buy ratings on the stock. Canaccord Genuity reiterated a Buy rating and raised its price target from $175 to $185. Morgan Stanley and Wells Fargo each reiterated its Overweight rating, but the former raised its price target from $166 to $168, while the latter raised its price from $160 to $165. Oppenheimer reiterated an Outperform rating and raised its price target from $160 to $165. The shares closed at $145.86 on Friday in a 52-week trading range of $103.10 to $150.00.
Advanced Micro Devices Inc. (NASDAQ: AMD) was named as Zack’s Bull of the Day on Friday. Earlier in the week, Goldman Sachs reiterated its Buy rating on the chip giant, which also makes Goldman’s Conviction List of top stocks, after the company beat second-quarter expectations, guided third quarter above consensus estimates and positively revised its full-year outlook. Goldman Sachs set a $115 price target, while the consensus target is $104.79. The shares closed Friday at $106.19. The stock added more than 15% to its price last week.
ChargePoint Holdings Inc. (NASDAQ: CHPT) was initiated at D.A. Davidson with a Buy rating and a $30 price target. In June, analysts at Jefferies called the company “the US charging infrastructure leader” and started coverage with a Buy rating and $40 price target. The consensus target is $37.50. The stock popped over 7% on Wednesday and shares closed at $23.65 on Friday.
McDonald’s Corp. (NYSE: MCD) reported a 15% sequential revenue increase for its June quarter and a 23% boost to EPS. That was good enough for Guggenheim to initiate coverage of the company with a Buy rating and a price target of $270. The median target is $268 and the shares closed Friday at $242.71.
Microsoft Corp. (NASDAQ: (MSFT)) posted another outstanding earnings report for the June quarter, and analysts responded by maintaining ratings and lifting price targets. RBC Capital Markets resumed coverage of the bellwether technology giant with an Outperform rating and raised the price target from $290 to $360. Jefferies reiterated its Outperform rating on the stock and set a price target near $290. The consensus target is $298.92 and the stock’s 52-week range is $196.25 to $290.15. Shares closed on Friday at $284.91.
Nokia Corp. (NYSE: NOK) continues to improve its execution according to Cowen analysts who raised their rating on Nokia from Market Perform to Outperform and lifted their price target from $5 to $8. On Thursday, the company reported that second-quarter sales were up 9% year over year and diluted EPS rose to $0.11. Both totals were higher than forecasts, and the company raised its revenue guidance and operating margin for the full year. The median price target is $7.00 and the stock’s 52-week range is $3.21 to $9.79. Shares closed Friday at $6.08.
T-Mobile US Inc. (NASDAQ: TMUS) did not win the second-quarter skirmish in the wireless carriers’ battle for new subscribers. RBC Capital Markets remains confident, however, in the company’s long-term prospects and raised its Sector Perform rating to Outperform and hiked the target price from $133 to $180. The consensus target is $166.15. The stock closed on Friday at $144.02.
Zoom Video Communications Inc. (NYSE: ZM) is likely to benefit as companies reopen following the COVID-19 pandemic and more of them adopt a hybrid work model allowing employees to work from home at least part of the time. That’s what KeyBanc analysts think, and that was the basis for an upgrade on the stock’s rating from Sector Weight to Overweight. The firm set a price objective of $428 on the stock, slightly above the consensus objective of $415.48. The shares closed Friday at $378.10.