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Analysts Lead These Markets: The Most Upgraded Stocks in Q1

Q1 stock winners and analysts

Analysts' activity in Q1 is robust, with results from Q4 outpacing estimates and guidance for tech stocks at least, leading them to raise their targets. As active as the analysts have been, the market leaders and the stocks getting the most upgrades remain the same. The rankings have been juggled, but the stocks that drove the broad market to new highs in 2023 support today's market.

With these trends intact, the S&P 500 and NASDAQ Composite will likely continue to advance; the only question is how high, which could be a lot higher based on the outlooks for these Most Upgraded Stocks at the end of Q1 and Q4 2023 earnings reporting.

CrowdStrike is the Most Upgraded Stock: Double-Digi Upside Still to Come

CrowdStrike (NASDAQ: CRWD) came out of the Q3 reporting season in the #1 position and retained that following the Q4 cycle. This company’s results, including margin, cash flow, and guidance, led to forty-seven revisions in the last ninety days. 

The analysts peg the stock at Moderate Buy, a rating that has held steady over the past year but have increased their price targets tremendously. The consensus target is up 50% in the last thirty days with most of the increase following the Q4 release. The consensus implies a 12% upside; most of the freshest targets are near the new high, another 2000 basis points higher. 

The price action in CrowdStrike is suggestive. The market recently broke to a new high and confirmed support at the critical level. This suggests an inflection point and pivot that puts the previous high at the middle of the new range. In this scenario, CrowdStrike’s share price could increase by nearly $290 to the $500 level. 

Meta Platforms Stock Price Can Move Higher in 2024

Meta Platforms (NASDAQ: META) has been featured prominently on the list of Most Upgraded Stocks for over a year. The lead into efficiency and the return to growth, wider margins, and AI-driven outlook left it in 1st position for the year and is sitting in #2. Thirty-nine of the forty-five analysts tracked by Marketbeat issued positive revisions over the last ninety days, and all were revised upward. Consensus implies fair value with the stock at current levels, but all the fresh targets are higher. The high end is another 15% above the current action, and the ceiling may be lifted again. Meta is building momentum that has yet to run its course. 

Meta stock chart

Amazon Could Gain Another $100 in 2024 (NASDAQ: AMZN) is standing tall with results outpacing expectations, AI driving strength in AWS, and analysts raising their targets. The company received thirty-seven price-target revisions from the forty-four covering it, and all are upward. Consensus puts this stock at $197, a significant target because it is a new high. Crossing to new highs would signal a pivot for this market that could lift it by $100 to the $280 range. As it is, the consensus is trending sharply higher, and the high-end range is leading. The high target is $230. 

Amazon near inflection point chart

NVIDIA Will Trend Higher in 2024: How High is TBD

NVIDIA (NASDAQ: NVDA) is still in the mix, sitting at 4th position with thirty-six revisions in the last ninety days. The consensus target lags the price action and is part of why the market has stalled, but the pause should be short-lived. The consensus target lags the market but is up 240% YOY and led higher by recent revisions. 

The recent revisions have this stock trading above consensus in the range of $900 to $1200 or 2% to 35% higher. The next catalyst for this market will be the developer conference later this month. It is expected to reveal several new partnerships to drive its newly AI-centric business to new heights. 

The technical action in NVIDIA shares is vigorous. The market is up nearly 800% in the last eighteen months and is likely to head higher. Assuming the pull-back in price action is a consolidation that leads to continuation, the share could advance an amount equal to the rally that preceded it. In this scenario, shares of NVIDIA could advance $380 from current levels to near $1250. 

NVDA stock chart enters consolidation

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