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Dear Fellow Investor,
When analysts begin upgrading stocks, investors pay attention. And while no upgrade should be followed blindly, these changes in sentiment often reflect deep research into company performance, sector momentum, and macroeconomic conditions.
Upgrades and price target increases are typically driven by several key factors:
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Strong company fundamentals – solid earnings, revenue growth, or strategic leadership.
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Positive market and industry trends – a favorable macro environment or emerging tailwinds.
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Better-than-expected financial performance – such as surprise earnings beats or raised guidance.
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Competitive positioning – particularly if a company is outperforming peers or gaining market share.
Still, a word of caution: never rely solely on an upgrade to justify a trade. Always combine analyst insights with technical and fundamental research to avoid buying into overvalued, short-term hype.
With that in mind, here are three stocks that just earned significant analyst upgrades — and why they could have room to run.
Company: Amazon (SYM: AMZN)
JPMorgan Says It’s a “Best Idea” — Again
It’s no secret that Amazon is one of the most closely watched companies on Wall Street. But even a stock with a $1.85 trillion market cap can still surprise to the upside — especially when it’s backed by strong trends in cloud computing and AI.
That’s exactly why JPMorgan just reiterated Amazon as a “Best Idea,” reinforcing bullish sentiment.
According to the firm’s analysts:
“We believe AMZN sentiment remains fundamentally bullish supported by improving GenAI positioning, potential for second-half AWS growth pickup, and North America operating income margin expansion.”
In other words, Amazon’s strengths go far beyond e-commerce. The company’s Amazon Web Services (AWS) arm continues to dominate cloud infrastructure, and its rapid integration of generative AI into products and services could create new revenue streams and customer stickiness.
Technically, the stock appears to have found support at $161.38 and is beginning to pivot higher. Recently trading at $179.90, many bulls are now eyeing a return to the $206 level, which marks a key resistance area from earlier this year.
While macro factors like tariffs and a potential consumer slowdown are headwinds, JPMorgan believes the overall growth story remains intact — and that Amazon could be poised for further gains in 2024.
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Company: Newmont Corporation (SYM: NEM)
Multiple Upgrades as Gold Breaks Out
Gold has been one of the biggest winners of the year, recently soaring past $3,200 an ounce amid escalating trade tensions and global uncertainty. That has put a spotlight on top-tier gold miners — and Newmont Corporation is near the front of the pack.
Since hitting a low near $43, NEM has rallied strongly, reaching a recent high of $54.67. Now, with resistance near $58, the next target could be as high as $65, assuming gold prices remain elevated and market volatility continues.
Analysts are taking notice:
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UBS upgraded NEM to a Buy rating with a price target of $60.
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Raymond James raised its target to $64, up from $54, and gave it an Outperform rating.
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RBC Capital also bumped its price target slightly to $52, maintaining a Sector Perform outlook.
These upgrades come as Newmont benefits from strong fundamentals, a deep reserve base, and increasing global demand for gold as a safe-haven asset.
Given the macro backdrop, Newmont could continue to outperform — especially if gold continues its march toward $3,500 or higher.
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Company: L3Harris Technologies (SYM: LHX)
Goldman Sachs Turns Bullish on Defense Stock
A surprise addition to this week’s list of upgraded names is L3Harris Technologies, a leading aerospace and defense contractor.
Goldman Sachs recently made a bold move — upgrading LHX from Sell to Buy, with analysts citing a more favorable outlook for defense spending and improved fundamentals.
From Goldman:
“L3Harris could be well positioned in a higher defense spending environment, given its exposure to faster-growing parts of the budget.”
This marks a significant shift in sentiment and reflects a broader recognition that geopolitical instability is prompting higher global defense budgets — particularly in the U.S. and allied nations.
Technically, LHX found strong support around $195 per share. It’s now trading closer to $218.50, which has proven to be a key resistance level. A breakout above this could quickly lead to a retest of the $227 zone. If momentum fades, however, a pullback to $195 could be the worst-case scenario — but overall sentiment has clearly shifted bullish.
In an environment where defense spending continues to trend upward, L3Harris may be entering a new phase of growth — and analysts are clearly starting to take notice.
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Do you have your eye on any other stocks with recent upgrades? What sectors of the market do you think are particularly interesting right now? Hit "reply" to this email and let us know your thoughts!
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