It’s always a good idea to keep track of bullish analysts calls.
Oftentimes, a firm will revise targets higher if the financial health of the covered stock has become far more favorable. Or, perhaps they liked what the covered company said in a recent meeting. Or maybe they’re seeing favorable emerging trends in the industry.
Whatever the case may be, upgraded prices will often lead to increased buying interest from investors. However, don’t just use a price revision as your sole reason to buy a stock. After all, analysts aren’t perfect. Instead, look at what other analysts may be saying about the same stock. And be sure to do your own due diligence too.
Here are a few upgraded stocks to keep an eye on.
Upstart (SYM: UPST)
Needham just upgraded UPST to a buy rating from a hold rating. The firm just said, “Coming off the meetings, we believe that UPST has achieved a proper balance in funding, largely due to the increased appetite and partnerships with committed capital buyers,” as quoted by CNBC.
However, we wouldn’t race to buy UPST just yet.
After gapping from about $50 to $77.08, the stock has become technically overbought. We’d wait for it to pull back first before jumping on the Needham upgrade.
E.L.F. Beauty (SYM: ELF)
Goldman Sachs just initiated a buy rating on ELF.
The firm just said, ““We highlight ELF in this context as a name to own, while maintaining a more balanced view on COTY as we work to better understand the path to sustained topline growth improvement,” as quoted by CNBC.
We would also wait to buy ELF. After running from about $105 to $147.33, the stock is starting to pivot lower. It’s also starting to pivot lower from over-extensions on RSI, MACD and Williams’ %R. Believing it could retest $120 again initially, we’d wait to buy.
Uber (SYM: UBER)
Goldman Sachs just reiterated a buy rating on UBER, saying it’s a best idea for 2025.
The firm added, “Our top pick for 2025 among our Large Cap coverage ($50bn+ market cap) is Uber. Uber is mired in a series of short-term debates (pricing inflation and competition impact on mobility growth) and medium/long term industry concerns,” as also quoted by CNBC.
Out of all three upgraded stocks, UBER does look the most promising.
After plummeting from about $72 to $61, the UBER stock has become technically oversold on RSI, MACD and Williams’ %R. From here, we’d like to see the UBER stock race back to $72 a share again shortly. Goldman Sachs also believes UBER has 50% upside.
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