Stocks to Watch on Election Day [11/5/2024]

We’re watching the election with bated breath today — and these stocks, too. Keep scrolling for the hottest (and nottest) stocks of the day, plus 3 fresh Strong Buy recommendations from top-rated analysts.

🔥 HOT: Peloton (NASDAQ: PTON) gained 3.6% on Monday after Bank of America significantly upgraded the fitness company’s outlook. Analyst Curtis Nagle nearly tripled his price target from $3.75 to $9 and upgraded PTON to a Buy rating, citing “substantial earnings upside” potential and confidence in the company’s new leadership. The upgrade extends Peloton’s impressive rally, with shares now up 70% over the past month.

🥶 NOT: Constellation Energy (NASDAQ: CEG) plunged -12.5% on Monday after federal regulators blocked a major power deal between Amazon and Talen Energy for AI data centers. The Federal Energy Regulatory Commission (FERC) rejected the agreement, citing concerns about market manipulation and potential increased costs for the public. Despite the sharp decline, CEG remains one of the S&P 500’s best performers in 2024, with a 90% gain YTD.

🔥 HOT: Shares of Freshpet (NASDAQ: FRPT) rose by 12.6% on Monday after the company’s latest earnings report showed sales growth of more than 25% for the 25th straight quarter. FRPT is now up 75% YTD and shows no signs of slowing down. Freshpet raised its full-year guidance to $975 million from its previous estimate of $965 million.

🥶 NOT: Tesla (NASDAQ: TSLA) fell 2.5% amid speculation about CEO Elon Musk potentially heading up Trump’s proposed Department of Government Efficiency (DOGE). Bank of America analysts expressed concern about Tesla’s leadership structure, noting the absence of a clear second-in-command who could take the reins if Musk steps away. While Musk has stated he would work for “no pay, no title, no recognitions needed,” investors appear unsettled by the uncertainty surrounding Tesla’s future direction, particularly given the company’s ambitious projects in autonomous vehicles and robotics slated for 2025-2026. 

📈 Want more? Check out the biggest winners and biggest losers on WSZ. 

Strong Buys: Top Picks from Top Wall Street Analysts 

Don’t rely on stock recommendations from just anyone. With WallStreetZen, you gain access to high-conviction stock ratings from top-rated analysts every weekday. It’s a premium feature on our site, but we’ve unlocked a FREE sampling below: 

Kontoor Brands Inc. (NYSE: KTB) 

Analyst/Firm: Jay Sole / UBS (click analyst’s name to see their ranking + win rate)

Latest price: Click here

Price target: $110.00 

• Maintaining a Strong Buy rating, UBS's Jay Sole raised their price target on Kontoor Brands (NYSE: KTB) by 6.8% from $103 to $110 on 11/1, following the company’s Q3 earnings announcement. 
• Sole said that Q3's results spotlighted the company's brands' improving momentum "as Kontoor Brands continues to harden its position as one of the leading denim players.
• Evidence for the company's outperformance includes ongoing point of sale share gains, the analyst detailed.
• Looking ahead, Sole told readers that UBS expects Kontoor Brands to deliver an 11% 5-year CAGR and EPS beats over the near term, driving the stock towards their $110 price target.
• KTB currently has a Strong Buy consensus among analysts we track. Find out more.

1-year chart for KTB, courtesy TradingView 

Amazon.com Inc. (NASDAQ: AMZN) 

Analyst/Firm: Stephen Ju / UBS (click analyst’s name to see their ranking + win rate)

Latest price: Click here 

Price target: $230.00 

• Maintaining a Strong Buy rating, UBS's Stephen Ju raised their price target on Amazon (NASDAQ: AMZN) by 3.1% from $223 to $230 on 11/1, following the company’s Q3 earnings announcement.
• Looking ahead after assessing the print, Ju posited that "Amazon has multiple shots on goal for ongoing margin expansion.
• Amazon is controlling headcount and operating expense growth, the analyst detailed, positioning it for "durable" margin upside.
• See why some analysts forecast 40%+ upside for AMZN in the coming year.

1-year chart for AMZN, courtesy TradingView 

Utz Brands Inc. (NYSE: UTZ) 

Analyst/Firm: Michael Lavery / Piper Sandler (click analyst’s name to see their ranking + win rate)

Latest price: Click here

Price target: $24.00 

• Maintaining a Strong Buy rating, Piper Sandler's Michael Lavery raised their price target on Utz Brands (NYSE: UTZ) by 9.1% from $22 to $24 on 11/1, following the company’s 

Q3 earnings report. 

• Looking ahead, Lavery said that Utz Brands' set-up for 2025 looks "good," and management expects improving volume-driven organic growth momentum helped along by additional capacity to grow its kettle business
• Looking further ahead, the analyst told readers that Piper Sandler believes that top-line gains and margin upside position Utz Brands to achieve or beat its three-year objectives.
• All 6 analysts we track issuing ratings on UTZ forecast upside in the coming year. See more here.

1-year chart for UTZ, courtesy TradingView 

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