Analysts are scrambling to boost their price targets on S&P 500 tech newcomer Palantir Technologies (PLTR). But it’s not alone.
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Beating The Market: How To Find Outperforming Stocks
Ten S&P 500 stocks, including Axon Enterprise (AXON), Tapestry (TPR) plus Palantir, saw analysts jack up their 12-month price targets by 20% or more in the past month, says an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge.
Seeing such a rapid surge in bullishness is not the norm in the S&P 500 — since third-quarter earnings season wrapped up. Analysts only increased price targets by 2.6% on average for all stocks in the S&P 500.
But here are the stocks analysts are suddenly more bullish on.
Biggest Boosts In Price Targets
Axon Enterprise, maker of security equipment, is the object of the largest price target hikes in the S&P 500.
Analysts boosted their 12-month price target on Axon by nearly 40% in the past month to 546.15. But here’s the surprising part. Even the bullish analysts can’t keep up with the stock. Shares of Axon Enterprise are up 137% this year to more than 611 a share. That mean Axon’s stock already blew nearly 12% past analysts’ raised estimates.
The stock sports a 98 RS Rating. And analysts think profit will rise 23% in 2024 and 21% in 2025.
Palantir’s Price Target Hike
It’s a similar story at Palantir, a data privacy firm. Analysts bumped up price targets by 33 in the past month to 37.20. But following a powerful 262% rally this year to 62.16, the stock is already 67% higher than that.
The rally is pushing Palantir’s RS Rating to a perfect 99. And analysts think the company’s profit will rise 51% this year and 23% in 2025.
Tapestry, a seller of high-end apparel and accessories, is still trading 11% below analysts’ target price of 62.41. And that’s despite rallying 51.7% this year. The stock touts an RS Rating of 93. Profit is seen rising 11% this year. But analysts have stayed ahead of the stock’s rally by upping the price target by 27%.
Clearly, analysts’ bullishness might be too much — or too little. But the fact they’re willing to be so bold is telling.
Big Boosts To Target Prices
Based on change to 12-month target in the past month
| Company | Ticker | One-month % ch. price target | Sector |
|---|---|---|---|
| Axon Enterprise | AXON | 39.95 | Industrials |
| Palantir Technologies | PLTR | 33.28 | Information Technology |
| Tapestry | TPR | 26.93 | Consumer Discretionary |
| Fortinet | FTNT | 25.70 | Information Technology |
| Expedia Group | EXPE | 22.31 | Consumer Discretionary |
| Booking Holdings | BKNG | 22.04 | Consumer Discretionary |
| Targa Resources | TRGP | 21.97 | Energy |
| Royal Caribbean Cruises | RCL | 21.88 | Consumer Discretionary |
| Ralph Lauren | RL | 21.07 | Consumer Discretionary |
| Norwegian Cruise Line | NCLH | 20.33 | Consumer Discretionary |
