Wedbush Just Raised its Price Target on These 7 Stocks: August 12, 2024

InvestorPlace08-13

New Wedbush price targets have been issued for each of the following seven stocks, including a few that may surprise some. Apellis Pharmaceuticals (APLS): Wedbush has upped its price target for APLS, ...

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Instead, with some exceptions, most of the latest stocks receiving either a target price increase or a target price decrease from Wedbush this month are in other sectors. For instance, sectors like health care, real estate, consumer discretionary, and financial services are also included.\nSo, should one consider their recommendations? Much as was the case back in May when I broke down several stocks that had just received price target decreases from Wedbush, the answer to the question “Should you take heed of their advice?” is largely the same.\nPut simply, it depends. By examining each of the following seven new Wedbush price targets, we can see whether to follow their lead or take an opposite stance.\nApellis Pharmaceuticals (APLS)\nSource: shutterstock.com/Romix ImageApellis Pharmaceuticals (NASDAQ:APLS) is a commercial-stage biotech firm. The company’s two key products are Empaveli and Syfovre. Both of these therapies are for the treatment of rare autoimmune and inflammatory diseases.\nOn Aug. 9, Wedbush reiterated its “neutral” rating on APLS stock but raised its price target from $38 to $41 per share. This increased price target follows some promising news about a treatment in Apellis’ pipeline. The previous day, Apellis and its strategic partner Swedish Orphan Biovitrum (OTCMKTS:SWOBY) revealed promising Phase 3 clinical trial data. This data could pave the way for the company to obtain regulatory approval to sell Empaveli as a treatment for several rare kidney diseases. As analysts at Evercore ISI recently put it, this could mean a “blockbuster opportunity” for Apellis Pharmaceuticals.\nInvesting in biotech stocks is risky and complex. Hence, you’ll want to conduct deep due diligence before making a trading decision regarding APLS shares. However, Wedbush’s cautiously optimistic view, coupled with recent developments, highlights that this may be a worthwhile opportunity for those experienced and well-versed in the ins-and-outs of biotech stock investing.\nBeazer Homes USA (BZH)\nSource: Tong_stocker/ShutterStock.comBeazer Homes USA (NYSE:BZH) is another non-tech name on the list of new Wedbush price targets. On Aug. 2, the sell-side firm reiterated its “neutral” rating on the homebuilder’s shares, but a massive target price increase came alongside this reiteration.\nPreviously giving BZH stock a $33 per share price target, Wedbush analysts now believe Beazer Homes could climb to as much as $41 per share. Given the timing of this target price increase, chalk it up to promising aspects of Beazer’s latest quarterly earnings release. The results themselves were largely mixed. BZH beat on earnings, yet revenue came in slightly short of expectations. However, in the post-earnings investor presentation, management provided promising updates on community growth and balance sheet improvement.\nIt’s worth noting that Beazer Homes has remained profitable thus far during the recent slowdown in the housing market. Even so, shares continue to trade at a heavily discounted valuation of just 6.6x forward earnings. With this, and assuming that better conditions will arrive once interest rates move lower, Wedbush may be on the money with the aforementioned price target. This price target is nearly 50% above BZH’s current trading price.\nMaplebear (CART)\nSource: Burdun Iliya / ShutterstockMaplebear (NASDAQ:CART), which operates Instacart, is yet another situation in which the price target has changed but not the sell-side rating. On Aug. 7, Wedbush reiterated its “neutral rating” on the grocery delivery app operator’s shares, with a price target increase from $35 to $38 per share.\nWedbush’s price target adjustment for CART stock follows the Instacart parent’s latest quarterly earnings release. The company beat on both revenue and earnings for the June quarter and provided a solid outlook for the current quarter. Wedbush’s price target for Maplebear is around 19% above current trading prices. This makes sense, considering both valuation and growth forecasts. At 28.9x forward earnings, CART isn’t exactly cheap.\nThen again, comparable names trade at higher valuations. Doordash (NASDAQ:DASH), for instance, trades for 42.2x forward earnings. Uber Technologies (NYSE:UBER) trades at a forward multiple of 65.8x. Also, considering that sell-side consensus calls for Maplebear’s earnings growth to come in at around 20% over the next year, this multiple may be sustainable, with shares rising in line with bottom-line growth.\nCyberark Software (CYBR)\nSource: photobyphm / Shutterstock.comAlready bullish on Cyberark Software (NASDAQ:CYBR), Wedbush upped the ante on Aug. 9, with a target price increase from $285 to $300 per share. As you may have guessed, Wedbush’s upward adjustment to its price target follows Cyberark’s latest quarterly earnings release.\nThis cyber security software company reported “beat and raise” results in the release. CYBR stock rallied as a result, surging 8% higher on earnings day. Wedbush isn’t the only sell-side firm singing the praises of Cyberark Software. Calling CYBR a “diamond in the rough” among cybersecurity stocks, analysts at Bank of America argued that shares have more than 25% upside, far greater than Wedbush’s own take on the stock.\nYet, while analysts and investors are very positive on Cyberark right now, keep in mind the valuation risk with this stock. CYBR trades for 118.9x forward earnings. This valuation may be sustainable as the growth story remains in motion for Cyberark. However, perhaps in “priced for perfection” territory, any sort of hiccup or misstep in subsequent results could lead to a tremendous drop in price for CYBR, which is up by more than 90% over the past year.\nExpedia Group (EXPE)\nSource: NYC Russ / Shutterstock.comAn exception to the trend mentioned earlier, Expedia Group (NASDAQ:EXPE) is one of a few tech stocks that are among the names with new Wedbush price targets this month. On Aug. 9, the sell-side firm maintained a neutral rating on the online travel company’s shares, but raised its price target from $125 to $130 per share.\nThis is yet another post-earnings price target increase. On Aug. 8, Expedia reported a revenue and earnings beat, although updates to guidance fell short of expectations. Still, investors reacted positively to earnings. In the days following the earnings release, EXPE stock soared from the low-$110s up to above $130 per share, in line with Wedbush’s new price target.\nBut while this suggests that there’s little in the way of near-term upside, you may not want to jump to that conclusion. Despite the market’s resurging optimism, shares keep trading at a discounted valuation of only 11.1 times forward earnings. If subsequent results are better than feared, and the travel economy continues to perform strongly despite economic slowdown concerns, shares may have a strong chance of soaring again, thanks to positive surprises.\nUnder Armour (UAA)\nSource: Sundry Photography / Shutterstock.comOn Aug. 9, Wedbush issued a slight price target increase for shares in athletic apparel company Under Armour (NYSE:UAA). Reiterating its “outperform” rating, the firm increased its price target for UAA from $8 to $8.50 per share. There is logic to this slight price target tweak.\nAlthough the results show that challenges remain for the company, Under Armour beat expectations with its previous quarter’s numbers. The results, guidance and other updates have also increased confidence in Under Armour’s turnaround efforts, led by founder and returning CEO Kevin Plank. Previously, Wedbush’s price target was well above the UAA stock price. However, with shares soaring higher after earnings, even with the adjustment UAA, is now within range of the target.\nThat said, there may be far greater upside with Under Armour stock than you think. After all, it was only a few years ago that UAA traded for prices north of $25 per share. The stock commanded even higher prices during the 2010s. Even if the company never re-hits its former glory, it may not take much improvement to send shares materially above current price levels.\nUWM Holdings (UWMC)\nSource: ShutterstockWedbush analysts have become more bullish on housing and real estate stocks, anticipating lower interest rates ahead. Many real estate investment trusts are among the new Wedbush price targets, as are shares in mortgage wholesaler UWM Holdings (NYSE:UWMC).\nOn Aug. 7, Wedbush increased its UWMC stock price target from $7 to $8.50 per share, while maintaining a “neutral” rating on shares. With shares currently trading around this price target, this suggests little near-term upside. In this situation, I agree with this assessment. A stronger housing market may perhaps be just around the corner. As I have pointed out previously, factors such as UWM’s sponsorship of the WNBA could help the company report better-than-expected results.\nNevertheless, one can argue that improved results are already baked into UWMC’s valuation. Shares today trade for around 33x estimated 2024 earnings, and 21.5x estimated 2025 earnings. With peers like Mr. Cooper Group (NASDAQ:COOP) trading at forward multiples in the single digits, even if you’re bullish on a housing recovery, there may be better choices than UWMC.\nOn the date of publication, Thomas Niel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\nOn the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.\nThomas Niel, contributor for InvestorPlace.com, has been writing single-stock analysis for web-based publications since 2016.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/08/wedbush-just-raised-price-target-on-these-seven-stocks/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2459472979"}