Wall Street Loves Nike, NVIDIA and Instacart

By Ian Cooper Published Nov 11, 9:41AM EST

Quick Read

Ahead of Nvidia earnings next week, analysts at Citi reiterated a buy rating on the stock, with a price target of $220 from $210.
Analysts at Bank of America just reiterated a buy rating on Nike. The firm says the recent pullback offers an attractive opportunity.
It sounds nuts, but SoFi is giving new active invest users up to $1,000 in stock for a limited time, and all it takes is a $50 deposit to get started. See for yourself (Sponsor)

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Wall Street Loves Nike, NVIDIA and Instacart — © LALAKA / Shutterstock.com

It’s always a good idea to keep track of analysts’ stock upgrades. Often, they’re influenced by (1) company fundamentals, such as financial health, future growth, and even meetings with management; (2) industry and market trends, including specific market conditions and economics; (3) earnings and financial data, including earnings reports that came in better than expected, or competitive analysis of a competitor, and (4) guidance.

However, before jumping into a stock just because your favorite analyst upgraded it, do your own due diligence, fundamentally and technically.

That being said, here’s what analysts are most bullish on today.

Nike (NYSE: NKE): | NKE Price Prediction Analysts at Bank of America just reiterated a buy rating on Nike. The firm says the recent pullback since first-quarter earnings offers an attractive opportunity, especially with the firm seeing a path toward improvement in sales and margins. At the moment, NKE trades at $60 a share after the company’s forecast for another quarter of negative growth.

As noted by analysts at Needham after earnings, “NKE continues to make progress on their turnaround, with a significant QoQ acceleration in top-line trends and improvement in key focus areas of the business,” as quoted by Seeking Alpha.

NVIDIA (NASDAQ: NVDA): Ahead of NVIDIA earnings next week, analysts at Citi reiterated a buy rating on the stock, with a price target of $220 from $210. The firm expects NVDA to post sales of $56.8 billion, as compared to analyst expectations for $54.6 billion.

Analysts at Bank of America just reiterated a buy rating on NVIDIA. The firm says NVDA is well-positioned for healthcare and artificial intelligence. “NVIDIA, a leader in accelerated computing, has broadened its reach into high-compute healthcare workloads and continues to engage in partnerships on the application side,” they said, as quoted by CNBC.

Granted, NVIDIA is slipping in premarket. That was after SoftBank announced it had sold its entire stake in NVDA to help fund its investments in OpenAI. However, with continued strength in NVIDIA, the AI boom, and the lead-up to earnings, we do expect NVIDIA to turn aggressively higher.

Instacart (NASDAQ: CART): BMO analysts just upgraded the stock following earnings, noting Instacart continues to deepen its integration of AI technologies in tools for retail partners and enterprises. The company just posted EPS of 51 cents, which beat estimates by a penny. Revenue of $939 million, up 10.2% year over year, beat by $5.68 million.

In addition, as noted in a recent shareholder letter, “To underscore our confidence in long-term value creation, we authorized a $1.5 billion increase to our share repurchase program and plan to enter into a $250 million accelerated share repurchase program, while continuing to opportunistically repurchase shares.”

DISCLOSURE:

Customer must fund their Active Invest account with at least $50 within 45 days of opening the account. Receive a minimum of $15. Probability of member receiving $3,000 is a probability of 0.026% If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Percentages for the $3,000 are subject to decrease. See full terms and conditions.

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.

Follow 24/7 Wall St. on Google

About the Author Ian Cooper →

Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.

He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.

Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.