As we head into the new week, keep an eye on these stocks that Wall Street analysts upgraded or initiated positively last week, all first covered on InvestingPro+.
1. Advanced Micro Devices (NASDAQ:AMD) was upgraded by UBS to Buy and Baird to Outperform with price targets of $95 and $100, respectively. It was also rated at Outperform after a Credit Suisse analyst assumed coverage of the stock.
The UBS analyst said, "With increasing exposure to digital advertising/marketing, we believe the Company is capable of growing top-line revenues +10% to +12% organically through F25, in-line with total U.S. digital ad spend growth." Credit Suisse said, "We continue to expect further AMD share gain in server, with revenue further driven by long-term cloud growth." AMD rose in Tuesday's session but closed the week off 2.2% to $73.57.
2. Pfizer (NYSE:PFE) was initiated at Outperform by Credit Suisse with a price target of $55. The analyst said, "In our view, the strength of Pfizer’s base business is underestimated, where a consistent cadence of smaller, positive pipeline events combined should accelerate growth." Shares ticked fractionally higher for the week.
3. Applied Materials (NASDAQ:AMAT) was upgraded by Summit Insights from Hold to Buy. Still, shares lost 3.8% to $104.70 for the week.
4. Ardelyx (NASDAQ:ARDX), Inc was upgaded by Piper Sandler from Neutral to Overweight with a price target of $8.00 (from $3.00), following a recent 9:4 FDA AdCom vote favoring the company's tenapanor. Shares surged 58.8% to $2.08 for the week.
5. NVIDIA (NASDAQ:NVDA) was upgraded by Summit Insights from Hold to Buy, and a Credit Suisse analyst assumed coverage of the stock with an Outperform rating.
The Summit Insights analyst said, "We see tailwinds as we move through 2023, driven primarily by its new product cycle. ... We now see a favorable risk-reward scenario for the stock, as we believe NVDA will see more tailwinds as we move through 2023." The Credit Suisse analyst said, "We believe NVDA has the best growth prospects in semis, due to their dominance of AI and the expected growth rate of AI throughout datacenter markets." Shares lost 5% for the week.
6. Altus Power Inc (NYSE:AMPS) was upgraded by JPMorgan to Overweight from Neutral with a price target of $10. The analyst said, "While we believe the company is largely tracking expectations, we believe the recent pullback presents a buying opportunity, particularly ahead of an expected uptick in contracting activity over the coming few quarters." Shares pulled back 18.3% for the week.
7. Occidental Petroleum (NYSE:OXY) was upgraded by Wells Fargo (NYSE:WFC) to Equal Weight from Underweight with a price target of $74. Shares were down 3.4% for the week.
8. Netflix (NASDAQ:NFLX) was reinstated at Buy by BofA Securities with a price target of $370. The analyst said, "Our valuation accounts for Netflix’s leading position within the still burgeoning shift towards non-linear video viewing, a strong runway for subscriber growth outside of the US (particularly across developing markets), upside from the initial advertising video on demand (AVOD) offering as well as its ramping profitability and strengthening FCF profile." Shares were marginally lower for the week.