Earnings season is winding down. With that come analyst projections for where these stocks and the market in general could go in the coming months. For the most part, analysts have been fairly positive this earnings season, and the broad markets are holding near all-time highs. In fact, Goldman Sachs is now the biggest bull for the S&P 500 this year.
Focusing on companies post-earnings, JMP Securities has named a few stocks that it thinks will outperform in the coming months.
24/7 Wall St. has taken a close look at the reports and picked out some of the highlights that investors can use to make informed choices on these stocks.
JMP Securities reiterated an Outperform rating on Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) but lowered its price target to $35 from $40. That now implies upside of 66% from the most recent closing price of $21.05.
The firm suggests that even though Acadia’s second-quarter results missed the consensus, there is still a lot of upside in the stock. Nuplazid growth is currently being hampered by COVID-19 headwinds, but further dialog is required to clarify the path to approval in dementia-related psychosis.
Acadia stock was last seen down about 5% to $19.99 on Thursday, in a 52-week range of $19.20 to $57.46. The consensus price target is $27.21.
The Outperform rating on Booking Holdings Inc. (NASDAQ: BKNG) was maintained, and the firm has a $2,550 price target. That implies upside of 22% from the most recent closing price of $2,085.64.
This stock saw better than expected second-quarter results, in which bookings and revenue came in 37% and 15% above consensus, respectively. At the same time, travel demand improved each month in the second quarter seemingly signaling an increasing recovery in the travel industry. As demand continues to recover, marketing efficiency improving in the second quarter and newer initiatives in air and payments, JMP Securities believes that Booking will execute extremely well as the recovery continues.
Booking stock recently traded up about 5% to $2,190.83, in a 52-week range of $1,589.00 to $2,516.00. Analysts have a consensus price target of $2,529.80.
On Incyte Corp. (NASDAQ: INCY), the firm reiterated its Outperform rating. The price target of $124 implies upside of 60% from the prior close at $77.34.
JMP Securities kept it short and sweet here, saying that it is a buyer of the stock given shares are attractively priced, with about 11% potential downside (bear case is $70) but an 80% potential upside (bull case is $141).
Incyte stock was trading at $77.21. It has a 52-week range of $75.52 to $101.47, and the consensus price target is $106.14.
And JMP Securities reiterated its Outperform rating on Nevro Corp. (NYSE: NVRO), but it lowered its price target to $160 from $190. The implied upside from Thursday’s low of $107 is of 50%.
While the second-quarter results showed year-over-year and sequential improvements, third-quarter guidance failed to impress as it fell below the Wall Street consensus. Also, management pulled the full-year top-line target, considering the uncertainties with COVID-19. However, the firm still views the valuation as attractive, withstanding Thursday’s move.
Nevro stock was last seen down over 25% to $109.63. The 52-week range is $107.00 to $188.14. Analysts have a consensus price target of $195.75.
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