Wall Street's top research analysts made their voices heard Tuesday, adjusting price targets across a diverse mix of companies. The moves ranged from modest tweaks to dramatic overhauls, painting a picture of shifting expectations across multiple sectors.
Leading the optimistic camp, Citigroup analyst Emily Ericksen lifted her price target on State Street Corporation (STT) from $136 to $150 while keeping a Buy rating. That new target suggests around 14% upside from Monday's closing price of $131.69, making it one of the more bullish calls in Tuesday's roundup.
The financial services sector saw other moves as well. Citigroup analyst Ben Gerlinger nudged Popular, Inc. (BPOP) higher, raising the target from $142 to $144 with a Buy rating maintained. Popular shares closed Monday at $125.79. Meanwhile, Keefe, Bruyette & Woods analyst Jade Rahmani boosted DigitalBridge Group, Inc. (DBRG) from $13.50 to $16 while sticking with a Market Perform rating. DigitalBridge settled at $15.26 on Monday.
Biotech Takes a Beating
The pharmaceutical sector witnessed some stark reassessments. Mereo BioPharma Group plc (MREO) took the hardest hit, with Jefferies analyst Maury Raycroft slashing the price target from $7 all the way down to $0.50. That wasn't all—Raycroft also downgraded the stock from Buy to Hold. Mereo BioPharma closed Monday at $0.2854, already well below even the reduced target.
Ultragenyx Pharmaceutical Inc. (RARE) didn't fare much better in Jefferies' reassessment. Raycroft cut the price target from $114 to $63, though he maintained a Buy rating despite the dramatic reduction. Ultragenyx shares closed at $19.72 on Monday, suggesting the stock has already fallen considerably from previous analyst expectations.
On a brighter note for healthcare, Barclays analyst Matt Miksic raised his target for Johnson & Johnson (JNJ) from $197 to $217 while maintaining an Equal-Weight rating. Johnson & Johnson shares closed at $207.56 on Monday, putting the stock near the analyst's new target.
Automotive and Technology Adjustments
The automotive retail space saw mixed signals. CarGurus, Inc. (CARG) got a vote of confidence from BTIG analyst Marvin Fong, who raised the price target from $39 to $44 with a Buy rating maintained. CarGurus closed Monday at $38.58, suggesting potential upside ahead.
Conversely, America's Car-Mart, Inc. (CRMT) saw Jefferies analyst John Hecht trim the target from $34 to $29 while keeping a Hold rating. America's Car-Mart closed at $25.24 on Monday, trading below the reduced target.
Smaller Cap Moves
Ascendiant Capital analyst Edward Woo made bullish adjustments to a pair of smaller companies. He raised Duos Technologies Group, Inc. (DUOT) from $11.50 to $14 while maintaining a Buy rating. Duos Technologies shares closed at $10.17 on Monday. Woo also increased his target for Maison Solutions Inc. (MSS) from $4.25 to $4.50 with a Buy rating maintained, though Maison Solutions closed at just $0.3185 on Monday, well below the analyst's expectations.
These analyst moves reflect the ongoing recalibration happening across Wall Street as firms adjust their models based on evolving business fundamentals, market conditions and sector trends. Whether these targets prove prescient or require further revision remains to be seen, but they offer insight into how professional investors are thinking about these companies heading into the new year.
