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Nvidia (NASDAQ:NVDA) received upgrades from two Wall Street firms in response to the company’s release of Q2 results that exceeded expectations. Shares surged more than 8% premarket today.
Before the earnings release yesterday, Stifel upgraded the company to Buy from Hold and raised its price target to $600.00 from $440.00.
Meanwhile, Exane BNP Paribas upgraded to Outperform from Neutral with a price target of $745.00 following blow-out results and guidance.
The company’s Q2 EPS came in at $2.70, better than the consensus estimate of $2.07. Revenue was $13.51 billion, beating the consensus of $11.13B. For Q3, the company expects revenue of $16B, significantly better than the consensus estimate of $12.61B. Furthermore, the company announced a new $25B share buyback plan.
UBS upgraded Avery Dennison (NYSE:AVY) to Buy from Neutral and raised its price target to $222.00 from $184.00, as reported in real-time on InvestingPro. As a result, shares gained more than 3% yesterday.
The firm noted that Avery’s stock price has mostly hovered between $160 and $190 for about two years, but it could move beyond this range driven by anticipated positive year-over-year earnings growth in Q4/23 and 2024, RFID sales turning back to over 20% growth in H2/23, and stabilization of Base Labels & Ticket/Tag businesses.
Fulcrum Therapeutics (NASDAQ:FULC) earned two upgrades after the U.S. Food and Drug Administration (FDA) lifted the clinical hold on the Investigational New Drug (IND) application for FTX-6058 for the potential treatment of sickle-cell disease (SCD). Shares surged nearly 12% yesterday, adding to a 38% gain on Tuesday.
H.C. Wainwright upgraded the company to Buy from Neutral with a price target of $14.00.
Meanwhile, Stifel upgraded the company to Buy from Hold and raised its price target to $11.00 from $4.00.
Louisiana-Pacific (NYSE:LPX) shares gained more than 3% yesterday after DA Davidson upgraded the company to Buy from Neutral with a price target of $76.00.
The firm believes that Louisiana-Pacific’s recent weakness, which is attributed to the adjustment in short-term prospects for the Siding business, creates a compelling entry point.
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