3 New Strong Buy Ratings from Top-Rated Analysts: 12/5/2024

Analysts have spoken, and they're bullish about Penumbra Inc. (PEN), a stock that should enjoy "bipartisan support," as well as recent spiker AppLovin (APP), which analysts believe still has room to run, and Allstate (ALL), which recently announced positive earnings. Coincidentally, all of these stocks have A or B Zen Ratings, meaning that our proprietary quantitative analysis rates all of these stocks Buy or Strong Buy.

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1 - Penumbra Inc. (NYSE: PEN)

Zen rating: B (Buy)

Analyst/Firm: Ryan Zimmerman / BTIG

Analyst ranking: Top 7% / average return +14.35% / win rate 56% 

Price at writing: $244.12 — see latest price here

Price target:  $270.00

• Maintaining a Strong Buy rating, BTIG's Ryan Zimmerman raised their price target on Penumbra (NYSE: PEN) by 16.4% from $232 to $270 on 11/26. (See more ratings + forecasts here)
• In a Healthcare (Medical Devices, Medical Instruments & Supplies) sector overview, Zimmerman noted that "MedTech tape has been up 3.2% since earnings season kicked off in the middle of last month."
• Looking ahead and following the U.S. election, the analyst told readers that BTIG believes "Medica Devices, a segment that generally gets bipartisan support, should be in a stronger relative position within the Healthcare landscape under various scenarios."

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2- AppLovin Corp. (NASDAQ: APP) 

Zen Rating: B (Buy)

Analyst/Firm: James Heaney / Jefferies

Analyst ranking:  Top 19% / average return +63.17% / win rate 50% 

Price at writing: $336.75 — see latest price here

Price target:  $400.00 

• Maintaining a Strong Buy rating, Jefferies's James Heaney raised their price target on AppLovin (NASDAQ: APP) by 48.1% from $270 to $400 on 11/26. (See more ratings + forecasts here)
• Heaney expressed confidence in updating their FY 2024 to 2028 ad revenue forecasts following Jefferies' positive checks on AppLovin's e-commerce product pilot, including with the Snow Agency.
• Even though it's "still early," their firm's checks reveal that the company's e-commerce platform is generating impressive returns on ad spend, similar to those of Meta Platforms, the analyst continued.
• Heaney noted that according to The Snow Agency, AppLovin's budget allocation mix might surpass Alphabet's by 2025.

3- Allstate Corp. (NYSE: ALL) 

Zen Rating: A (Strong Buy)

Analyst/Firm: Paul Newsome / Piper Sandler

Analyst ranking: Top 4% / average return +14.57% / win rate 78% 

Price at writing: $207.39 — see latest price here

Price target:  $244.00 

• Maintaining a Strong Buy rating, Piper Sandler's Paul Newsome raised their price target on Allstate (NYSE: ALL) by 18.4% from $206 to $244 on 11/26, following the company’s recent earnings report. (See more ratings + forecasts here)
• Newsome said they are maintaining an optimistic stance on personal lines writers and Allstate in particular. 
• The analyst told readers that "Piper Sandler thinks today's hard market in personal lines is about as hard as it has ever been with price increases that it doesn't think have been as high ever."

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