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The 10 Most Upgraded Stocks by Wall Street Analysts in May 2021

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It’s no surprise that one of the best strategies for investors who are assessing the short-term fortunes of a stock is to find stocks that have recent…

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This story originally appeared on MarketBeat

Many popular stocks are covered by a series of analysts. These experts provide investors with opinions about the direction of a stock based on their knowledge of the company and/or sector. Some analysts even have access to top management. So it’s no surprise that one of the best strategies for investors who are assessing the short-term fortunes of a stock is to find stocks that have recently been upgraded by analysts.

With that in mind, here are the 10 most upgraded stocks that have received upgrades (or have had their price target increased) by Wall Street analysts on MarketBeat in May 2021:

  1. Biogen (NASDAQ:BIIB) – Biogen started to soar in early June after the U.S. Food & Drug Administration (FDA) granted approval for its experimental Alzheimer’s drug, aducanumab. The drug’s approval is mired in controversy because it was rejected by an FDA advisory committee in November. However, even bearish analysts such as Piper Sandler’s Christopher Raymond suggests has upgraded the stock and expects BIIB stock to move “decisively higher.”
  2. Adobe (NASDAQ:ADBE) – The creative software company has been given a second wind with the prevalence of cloud computing. And as our Thomas Hughes wrote, after a stellar earnings report, 14 analysts issued positive commentary about ADBE stock. All of those analysts raised their price target and the consensus price is now approximately $650 which would be an increase of about 18% from its current price.
  3. Costco (NASDAQ:COST) – Costco continues to post strong numbers despite concerns that the company may face tough comparisons to last year’s pandemic-fueled earnings. However, the warehouse club is showing strong retention numbers and is widely expected to issue a price increase sometime in 2021. Since the beginning of May, 13 analysts have increased their price targets for COST stock.
  4. Ulta Beauty (NASDAQ:ULTA) – Since May, 12 analysts have issued upgrades on ULTA stock on expectations that the stock will be a winner as the economy reopens. So far, that’s a narrative that’s playing out as Ulta Beauty is up over 15% in 2021. The company recently delivered a stellar earnings report punctuated by an increase in comp-store sales of over 65%.
  5. Intuit (NASDAQ:INTU) – intuit stock is an example of why the details matter when looking at analyst ratings. On the face of it, the consensus price target suggests that INTU stock is likely to go down. However, 11 analysts have recently given the stock a price upgrade. And many of those upgrades suggest a significantly higher price for the stock. One reason for optimism is the company’s shift to a cloud-based subscription model which is expected to stabilize revenues in the short term.
  6. Nvidia (NASDAQ:NVDA) – Nvidia has been on a tear since the onset of the pandemic. The company saw demand for its graphic processing units (GPUS) as the video game market revved up. And speaking of revving up, the automotive market was a major customer for the company’s chip units. 11 out of 32 analysts gave NVDA stock a price upgrade since the beginning of May. And investors still have time to buy into the stock as it is preparing to issue a 4-for-1 stock split.
  7. Marvell Technology (NASDAQ:MRVL) – Another semiconductor making this list is Marvell Technology. The company is a fabless semiconductor company meaning that it outsources much of its semiconductor fabrication to third parties. This allows the company to invest its capital into developing new products. And like all semiconductor companies, Marvell will be likely to benefit from increased demand due to the global chip shortage. 11 analysts have recently issued upgrades on MRVL stock, and most upgrades show that there’s plenty of upside for the stock.
  8. Seagate Technology (NASDAQ:STX) – Seagate Technology is a data storage company that is up over 67% in the past 12 months. Specifically, Seagate is one of the largest hard disk drive (HDD) makers in the world. However as demand for data storage in a market such as cryptocurrency mining increases, STX stock is shaking off its reputation as a slow-growth stock.
  9. Broadcom (NASDAQ:AVGO) – Broadcom stock has tried the patient of investors in 2021. AVGO stock has been defined by tremendous price swings that reflect a sense that the company’s strong results have simply not been strong enough. Nevertheless, the stock is benefiting from 10 recent analyst upgrades mostly due to the expected strength in the semiconductor sector.
  10. Oracle (NYSE:ORCL) – Oracle presented investors with a curious case. The company posted stronger-than-expected earnings. But ORCL stock has dropped over 8% in the days after the earnings report as investors take profits with a continued wait-and-see approach. Analysts are more bullish with nine analysts giving the stock an upgrade.

NVIDIA is a part of the Entrepreneur Index, which tracks some of the largest publicly traded companies founded and run by entrepreneurs.

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