Six stocks to watch that Wells Fargo believes are high-conviction picks for Q1 were listed for investors. In a note that was released this week, the bank said that its analysts are bullish on the companies below because they see tactical advantages and catalysts that can make these stocks go up.
Stocks to Watch
- Wynn Resorts (NASDAQ:WYNN)which is among the stocks to watch, is rated Overweight by the bank, which has increased its price objective from $74 per share to $101 per share. From Tuesday’s closing price of $85.61, the new figure might increase by 18%. In 2023 and beyond, according to Wells Fargo, “WYNN is primed to benefit from Macau/China re-opening.”
- As for Merck & Co. (NYSE:MRK), Wells Fargo raised its price objective on MRK from its previous call of $110 to $125 and assigned the pharmaceutical company the Overweight rating. We believe that MRK’s situation is getting better as pipeline success is added to the Keytruda beat and raise story. We anticipate more data in PAH and oral PCSK9 data in 2023 to reinforce the fact that MRK’s cardiovascular portfolio strategy is paying off with Sotatercept.
- Argenx (NASDAQ:ARGX): Wells increased its price objective on ARGX from $390 to $470 per share, a 24% increase from its previous estimate. According to the financial organization, “We’re bullish on ARGX based on Vyvgart’s numerous expansion potential across different IgG-mediated autoimmune illnesses that we think to fuel considerable growth.”
- Wells Fargo has assigned Abbott Laboratories (NYSE:ABT) an Overweight rating and a $140 price target. “We anticipate continued double-digit underlying EPS growth from the company, supported by mid- to high single-digit underlying sales growth and operating leverage.” The bank increased its previous price objective of $45 to $50 for Dynatrace (DT), the software company. “We think DT provides the only enterprise-grade cloud platform that can serve contemporary workloads in a hybrid environment. This should make it possible for DT to maintain high win rates in the enterprise market and eventually spur ARR growth.
- Eversource Energy (ES): Wells set a price target of $99 for the stock and noted that the business “is executing on a return-to-basics (simplification) strategy that will transform the company back into a fully regulated electric, natural gas, and water utility with operations in MA, CT, and NH.” “We think effective execution on the simplification plan might induce a multiple re-rate of up to 10%,” the company continued.
Price movement on Wednesday was as follows: WYNN +1.2%, MRK +1%, ARGX +0.6%, ABT +0.5%, DT -0.2%, and ES +0.4%.
Stocks rose on Wednesday as Wall Street turned its attention to the economy, according to broader financial headlines.
Big News For Wynn Resorts And Las Vegas Sands
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