Hot or Not: Stock Market Edition [11/8/2024]

It’s been a thrilling week in the stock market — and it’s not done yet. Here’s what we’re watching RN:

🔥 HOT: Under Armour’s (NYSE: UAA) stock had its best day ever on Thursday, gaining 27.2% after a solid earnings report. Under Armour’s quarterly revenue was 55% higher than analysts anticipated. The company’s CEO said that its ability to charge premium prices for higher-quality products is what sets it apart from other manufacturers. After spending most of the year down, UA is now up 27.5% YTD and has raised its guidance to between $0.24 and $0.27 per share from between $0.19 and $0.21.

🥶 NOT: Trump Media & Technology Group (NASDAQ: DJT) fell by 23.0% on Thursday, erasing all of Wednesday’s gains following Trump’s election victory over Kamala Harris. The company behind Truth Social has been extremely volatile lately, with shares surging nearly 120% in the past month despite being down 10% over the last five trading sessions. Volatility is expected to remain high over the coming weeks as the market weighs the effect that Trump’s forthcoming presidency will have on his media company.

🔥 HOT: Shares of Lyft (NASDAQ: LYFT) gained 22.8% on Thursday after the company announced that its ride volume hit an all-time high. The ride-sharing company’s strong quarterly earnings mark a significant milestone in its post-pandemic growth trajectory. Despite facing intense competition in the ride-sharing space, Lyft’s impressive results suggest that its strategic initiatives and operational improvements are paying off. LYFT is now up 19.9% YTD after being down more than 30% as recently as early August.

🥶 NOT: Papa John’s (NASDAQ: PZZA) suffered its second-biggest loss on Thursday since its recovery began back in late July. PZZA fell by 4.6% as investors continued to worry about the pizza chain’s declining same-store sales growth. Papa John’s revenue fell from $522.8 million a year ago to $506.8 million last quarter, a decline that could continue as the average consumer is still spending cautiously due to recession fears. PZZA has now lost 27.0% YTD.

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

Strong Buys: Top Picks from Top Wall Street Analysts 

With WallStreetZen's Top Analysts, you get high-conviction stock ratings from the best stock analysts in the world.  

It’s a premium feature on our site, but we’ve unlocked a FREE sampling below: 

QuinStreet Inc. (NASDAQ: QNST)

Analyst/Firm: Zach Cummins / B. Riley Securities

Analyst ranking: Top 5% / average return +40% / win rate 62% 

Yesterday’s market close: $22.28

Price target: $32.00 

• Maintaining a Strong Buy rating, B. Riley Securities's Zach Cummins raised their price target on QuinStreet (NASDAQ: QNST) by 33.3% from $24 to $32 on 11/5. 
• Summing up the results of the company’s recent earnings, Cummins noted the "substantial" beat (revenue and adjusted EBITDA exceeded consensus estimates by 25% and 39%, respectively) and that management raised its FY 2025 guidance, all because "the auto insurance recovery continues to trend ahead of expectations."
• The analyst told readers that B. Riley Securities believes management's updated FY 2025 guidance is conservative, leaving room for outperformance in the coming quarters, because the firm expects "auto insurance will revert to typical seasonality and management has baked in potential impacts stemming from the 1:1 consent requirements under the Telephone Consumer Protection Act slated to go into effect in 2025."
• See why some analysts believe QNST could gain 50% or more in the coming year.

1-year chart for QNST, courtesy TradingView 

Ichor Holdings Ltd. (NASDAQ: ICHR)

Analyst/Firm: Craig Ellis / B. Riley Securities

Analyst ranking:  Top 3% / average return +16.91% / win rate 43% 

Yesterday’s market close: $33.83

Price target: $38.00 

• B. Riley Securities's Craig Ellis reiterated a Strong Buy rating and raised their price target on Ichor Holdings (NASDAQ: ICHR) by 5.6% from $36 to $38 on 11/5, following the company’s recent Q3 2024 earnings.
• Ellis summarized the print with "the results were slightly above consensus and management's Q4's guidance visibly more so."
• The analyst told readers that B. Riley Securities "continues to sense Ichor Holdings believes industry wafer fab equipment is poised to rise Y/Y, with CY 2025 gaining around 15%, on par with the firm's forecast.
• Ellis added that their firm predicts that Ichor Holdings will overperform industry WFE growth by 10%.
• See why ICHR has a Strong Buy consensus among the analysts we track.

1-year chart for ICHR, courtesy TradingView 

Metlife Inc. (NYSE: MET)

Analyst/Firm: Elyse Greenspan / Wells Fargo

Analyst ranking: Top 2% / average return +11.57% / win rate 66% 

Yesterday’s market close: $81.02

Price target: $93.00

• Maintaining a Strong Buy rating, Wells Fargo's Elyse Greenspan raised their price target on Metlife (NYSE: MET) by 1.1% from $92 to $93 on 11/5, following the company’s Q3 2024 earnings.
• Greenspan said the quarter was "marred" by weak group results offset by management's positive tone on group life experience and underlying disability results, and upbeat view on dental heading into FY 2025."
• Regarding positive developments with the LTC risk transfer space, the analyst reported that Metlife has seen some narrowing of the bid-ask spread over the last 12 months.
• MET has 10 Strong Buy ratings among analysts we track. Find out why.

1-year chart for MET, courtesy TradingView 

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