Wednesday brought a fresh batch of analyst calls that could move markets, with Wall Street's research desks making notable adjustments across technology, retail, and healthcare sectors. The headline grabber? Goldman Sachs getting more optimistic about Broadcom just as semiconductor stocks continue their volatile dance.
Tech Giants Get Mixed Reviews
Goldman Sachs analyst James Schneider raised his price target on Broadcom Inc. (AVGO) from $380 to $435 while maintaining a Buy rating. That new target sits about 13% above where Broadcom shares closed Tuesday at $385.03, suggesting Goldman sees more room to run for the chip giant despite its already impressive valuation.
Over at Keybanc, analyst Jason Celino trimmed his outlook on Workday, Inc. (WDAY), cutting the price target from $285 to $260 while keeping an Overweight rating. Workday closed Tuesday at $233.69, meaning even the reduced target implies meaningful upside if the company can execute.
Deutsche Bank made one of the more significant moves of the day, with analyst Bhavin Shah upgrading Autodesk, Inc. (ADSK) from Hold to Buy and boosting the price target from $345 to $375. That represents substantial upside from Tuesday's $294.43 close, signaling Deutsche Bank's increased confidence in the design software maker's trajectory.
Infrastructure Software Sees Diverging Views
Bank of America Securities analyst Wamsi Mohan had a busy day adjusting targets across the enterprise infrastructure space. The firm slashed Nutanix, Inc. (NTNX) price target from $93 to $75 while maintaining a Buy rating. With Nutanix shares settling at $58.77 on Tuesday, that's a notable downward revision even though the Buy rating suggests the analyst still sees value.
In contrast, Mohan raised NetApp, Inc. (NTAP) price target from $125 to $129, keeping a Neutral rating. NetApp closed at $111.48 on Tuesday, putting it within striking distance of the new target.
Bank of America also lifted its price target on Dell Technologies Inc. (DELL) from $160 to $163, with Mohan maintaining a Buy rating. Dell shares settled at $125.92 Tuesday, leaving considerable room between the current price and the analyst's target.
Cybersecurity and Retail Round Out the Calls
Bernstein analyst Peter Weed increased Zscaler, Inc. (ZS) price target from $251 to $264 while maintaining an Outperform rating. Zscaler shares closed Tuesday at $289.73, already trading well above the analyst's target, which might seem odd but likely reflects the stock's recent momentum outpacing expectations.
On the retail front, Evercore ISI Group analyst Michael Binetti raised the price target for Kohl's Corporation (KSS) from $13 to $21 while maintaining an In-Line rating. Kohl's shares closed at $22.42 Tuesday, slightly above even the increased target as the department store continues navigating challenging retail conditions.
Biotech Gets Bullish Updates
The biotech sector saw some eye-catching target increases. BTIG analyst Julian Harrison boosted Theravance Biopharma, Inc. (TBPH) price target from $25 to $40 while maintaining a Buy rating. Theravance shares closed at $18.94 Tuesday, meaning the new target implies more than 100% upside if the company's pipeline delivers.
Citizens analyst Silvan Tuerkcan increased Terns Pharmaceuticals, Inc. (TERN) price target from $25 to $35 while maintaining a Market Outperform rating. Terns Pharmaceuticals shares closed at $29.34 Tuesday, sitting comfortably between the old and new targets as the analyst sees additional appreciation ahead.
These analyst calls represent a snapshot of how Wall Street's research teams are positioning ahead of what could be a pivotal period for many of these companies. Whether these targets prove prescient or overly optimistic will depend on execution, market conditions, and the countless variables that make financial forecasting equal parts art and science.