Analyst Upgrades: 3 Stocks Predicted to Soar In Q2 2024

Stocks to buy

Analyst upgrades consistently offer valuable insights, deftly guiding investors through market dynamics.

2024 unfolds a promising economic landscape, diverging from past apprehensions. Contrary to previous fears, the U.S. economy is poised for a staggering $7 trillion growth over the next decade. Moreover, this positive outlook is reinforced by widespread analyst upgrades across various sectors, reflecting confidence in the economic backdrop.

In a historic milestone, February 2024 saw the S&P 500 breaching 5,000 points for the first time. Simultaneously, the NASDAQ Composite approached all-time highs, propelled by AI and other emerging technologies. Additionally, with analysts offering insights into potential upswings, here are three strategic opportunities to pounce on at this time.

Ardelyx (ARDX)

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Ardelyx (NASDAQ:ARDX), a pioneering biopharmaceutical firm, is up a remarkable 200% surge over the past year. It’s been driven by IBSRELA, its innovative medication for irritable bowel syndrome and chronic kidney disease (CKD).

2023 marked a transformative year for Ardelyx, with IBSRELA’s net sales reaching an impressive $22.3 million in the third quarter alone. The company’s revenue soared to $56.4 million, showcasing a phenomenal 1030.3% year-over-year (YOY) surge, surpassing projections by $33.83 million. Building on this triumph, Ardelyx achieved another feat with the FDA green-lighting XPHOZAH to treat CKD in dialysis patients.

Looking ahead, TipRanks assigns Ardelyx as a strong buy, foreseeing a 38.27% upside potential with an average price target of $12.50. Citigroup joins the optimism, offering a buy rating and anticipating a substantial 54% upside potential. Together, these projections signal a promising investment opportunity in Ardelyx’s evolving biopharma journey.

Meta Platforms (META)

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At the forefront of the metaverse revolution, Meta Platforms (NASDAQ:META) continues to redefine, shaping the future of social media. The company’s strategic focus revolves around augmented (AR) and virtual reality (VR) technologies. Those include Ray-Ban’s smart glasses and Oculus VR headsets, which lay the foundation for spatial computing.

In a triumphant fourth-quarter, Meta surpassed expectations, posting adjusted earnings-per-share (EPS) of $5.33 on $40.11 billion in revenue. CEO Mark Zuckerberg highlighted crucial investment areas, particularly in artificial intelligence (AI), aiming to deliver top-tier AI products and services to enhance user experiences. Consequently, TipRanks analysts assign Meta Platforms a strong buy, foreseeing an average price target of $528.5 and signaling a robust 12% upside potential. Moreover, in a resounding endorsement, Wedbush assigns META an outperform rating, projecting a 10.2% upside potential and establishing an average price target ranging from $420 to $520.

Advanced Micro Devices (AMD)

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As the burgeoning demand for AI chips intensifies across enterprises, Advanced Micro Devices (NASDAQ:AMD) continues to ruffle the feathers of its competition.

Recent revelations show that Microsoft (NASDAQ:MSFT) and Meta Platforms secured 60% of the 500,000 chips from Nvidia, explicitly stating their intention to switch to AMD as their preferred chip provider. AMD’s M1 mi300x chips position the company as a formidable competitor to Nvidia, presenting a genuine opportunity to challenge its market dominance.

In AMD’s recent financial report, the fourth quarter Non-GAAP EPS of 77 cents aligns with expectations, while the revenue of $6.2 billion showcases a robust 10.7% year-over-year increase, surpassing estimates by $60 million.

Moreover, TipRanks analysts advocate for AMD, assigning a strong buy rating with an average price target of $194.94, indicating a substantial 12% upside potential. Wedbush analysts echo this positivity, bestowing an ‘outperform’ rating on AMD with a 14.95% upside potential and an average price target surpassing the $200 mark.

On the date of publication, Muslim Farooque did not have (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.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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