Wall Street enters the busiest stretch of Q2 earnings season with the Federal Reserve set to release its next policy statement on July 29 and megacap tech results dropping later in the week. Chair Kevin Warsh's June 17 FOMC left the fed funds range at 3.50%-3.75% and said inflation risks had "eased substantially," and CME Group's FedWatch tool shows roughly an 80% probability of zero cuts for the remainder of 2026. Against that steady-rates backdrop, analysts used Tuesday, July 28 to push a wave of pure Buy upgrades. Below are five Strong Buy candidates worth watching on Wednesday, July 29, spanning medtech, orthopedics, energy, industrials and specialty retail.
Intuitive Surgical (ISRG) — UBS Reset Sees a "Great Spot"
Intuitive Surgical is the dominant global player in robotic-assisted surgery, with a large installed base of da Vinci systems and a growing recurring-revenue stream. On July 28, UBS analyst Patrick Wood upgraded the stock from Neutral to Buy at a $500 price target, telling clients that fears around humanoid automation, market saturation and hospital capital-expenditure softness now leave the business "in a great spot" as those overhangs fade. Truist Securities' Richard Newitter reiterated Buy at $510 on July 16 and Piper Sandler's Adam Maeder held Overweight at $470 on July 17.
Shares traded at $363.73 on July 28, up 1.93%, with a market cap of $128.50 billion and a trailing P/E of 37.81 on EPS of $9.62. The 52-week range is $328.57 to $603.88, well below the highs. The consensus rating is Strong Buy, with 16 of 18 tracked analysts bullish, an average price target of $503.56, a median of $493.50, a high of $685 and a low of $375.
Risks: Da Vinci placement growth is decelerating, hospital capital budgets remain soft, competition from Medtronic's Hugo and J&J's Ottava is intensifying, and Mizuho's Anthony Petrone stays Neutral at $525 on a more cautious procedure mix view.
Zimmer Biomet (ZBH) — UBS Double Upgrade Sell to Buy
Zimmer Biomet is a leading orthopedic device maker specializing in hips, knees, sports medicine and spine implants, with a growing robotic platform anchored by ROSA. On July 28, UBS analyst Patrick Wood double-upgraded the stock from Sell to Buy and lifted the price target to $115 from $89, an unusual two-notch move that skipped Neutral, reflecting improving core growth expectations and better mix from ROSA-enabled procedures. Evercore ISI's Vijay Kumar reiterated Outperform at $110 on July 6, while Citigroup's Joanne Wuensch kept Neutral at $93 on May 28.
Shares closed at $95.58 on July 28, up 3.81%, with a market cap of $18.49 billion and a trailing P/E of 11.27 on EPS of $8.48. The 52-week range is $79.12 to $108.29. The consensus rating is Buy, with 6 of 14 tracked analysts bullish, an average target of $100.29, a median of $99.50, a high of $115 and a low of $90.
Risks: Elective-procedure volumes are sensitive to hospital staffing, competitive intensity from Stryker and Smith+Nephew remains high, robotic-platform adoption is slower than management timelines, and Barclays' Matt Miksic stays Underweight at $104 on his more cautious pricing view.
Magnolia Oil & Gas (MGY) — Truist Buys the WildFire Deal
Magnolia Oil & Gas is a South Texas-focused E&P operating in the Karnes and Giddings areas of the Eagle Ford. On July 28, Truist Securities analyst Gabe Daoud upgraded MGY from Hold to Buy and lifted the price target to $33 from $32, citing the pending acquisition of WildFire Energy as roughly 9% cash-flow-per-share accretive and extending inventory life to about 11 years from eight on the firm's prior estimates. Mizuho's William Janela maintained Outperform at $33 on July 22, and Roth Capital's Leo Mariani kept a Buy at $29 on July 24. Citigroup's Paul Diamond remains Neutral at $35.
Shares traded at $23.62 on July 28, down 1.64% on softer WTI, with a market cap of $4.37 billion and a trailing P/E of 13.50 on EPS of $1.75. The 52-week range is $21.07 to $32.76. The consensus rating is Buy, with 8 of 12 analysts bullish, an average target of $31.83, a median of $31.50, a high of $38 and a low of $26.
Risks: Eagle Ford differentials can widen, WTI has been choppy since the July Iran-Strait of Hormuz spike, integration of WildFire adds execution risk, and Piper Sandler's Mark Lear holds a Neutral at $31 that limits near-term upside from consensus.
International Paper (IP) — JPMorgan Sees ~43% Upside
International Paper is the largest U.S. containerboard and packaging producer, with expanded exposure to European corrugated markets following the DS Smith acquisition. On July 28, JPMorgan analyst Detlef Winckelmann upgraded IP from Neutral to Overweight and raised the price target to $61 from $51, calling the stock too cheap relative to Smurfit Westrock after incorporating a further $50-per-ton containerboard price assumption and pointing to roughly 43% upside. That upgrade adds to a bullish tape: RBC Capital's Matthew McKellar reiterated Outperform at $48 on July 17 and Truist Securities' Michael Roxland kept Buy at $46 on July 15.
Shares traded at $43.88 on July 28, up 3.47%, with a market cap of $23.24 billion. The company is unprofitable on a trailing basis, so a trailing P/E is not meaningful, with reported EPS of -$0.16. The 52-week range is $29.26 to $56.13. The consensus rating is Strong Buy, with 5 of 6 tracked analysts bullish, an average target of $45.33, a median of $44.50, a high of $61 and a low of $32.
Risks: Containerboard prices are volatile with e-commerce demand softening, DS Smith integration is a multi-year cost-synergy story, U.S. box shipments have decelerated, and UBS's Anojja Shah remains Neutral at $32, well below the average target.
Boot Barn Holdings (BOOT) — Jefferies Steps In on Western Retail
Boot Barn Holdings is the largest U.S. specialty retailer of western and work-related footwear, apparel and accessories, with a growing base of stores and expanding private-label exclusives. On July 28, Jefferies moved to a Buy rating with a $195 price target, citing roughly 31% implied upside and a durable store growth runway. BTIG's Janine Stichter reiterated Buy at $235 on July 27, TD Cowen's Max Rakhlenko kept Buy at $225 on June 4, and UBS's Jay Sole held Buy at $272 on May 15.
Shares closed at $159.17 on July 28, up 2.61%, with a market cap of $4.83 billion and a trailing P/E of 21.66 on EPS of $7.35. The 52-week range is $133.18 to $210.25. The consensus rating is Strong Buy, with all 9 tracked analysts bullish, an average price target of $233.11, a median of $226, a high of $282 and a low of $195.
Risks: Freight and tariff cost pressures on imported footwear are rising, discretionary retail is softening at lower-income cohorts, new-store productivity is a key execution test, and Jefferies' $195 target is the lowest on the Street.
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