Arm Holdings, Upstart, Globus Medical Get Analyst Cheer, Retail Bullish On Just Two Names
Retail investors are positive about Upstart and Globus Medical but remain undecided on Arm Holdings as guidance remains sluggish.
Wall Street started Wednesday positively, with major indices rising nearly 1%. Analysts have added to the optimism with upgrades in the semiconductor, financials, and healthcare sectors. Here’s what Bernstein, Citi, and Wells Fargo analysts think:
Bernstein upgraded Arm to ‘Market Perform’ from ‘Underperform’ and raised its price target to $100 from $92.
Despite lowering its Q2 revenue and EPS guidance, Arm beat Q1 earnings and revenue expectations, with EPS at $0.40 (estimate: $0.34) and revenue at $939 million (estimate: $902.70 million). Retail sentiment inched up to neutral (46/100) from bearish.
Citi upgraded Upstart to ‘Neutral’ from ‘Sell’ and raised the price target to $33 from $15.
The AI-lending platform reported a narrower-than-expected earnings loss of $0.17 per share (estimate: $0.39 loss) and revenue of $127.63 million (estimate: $135.77 million). Following the news, the stock rose over 41%, and retail sentiment hit a one-year high in the ‘extremely bullish’ territory (94/100).
Wells Fargo upgraded Globus Medical to ‘Overweight’ from ‘Equal Weight’ and raised the price target to $78 from $60.
The company reported a 116% rise in worldwide net sales to $629.70 million, driven by the NuVasive merger and increased spine product sales. Globus Medical raised its 2024 revenue guidance to $2.47 - $2.49 billion, with EPS in the range of $2.80 - $2.90. Retail sentiment was ‘extremely bullish’ (87/100).
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