Hot or Not, Stock Market Edition: October 25, 2024

Will Boeing (BA) be the biggest “bad news” stock of the year? Remains to be seen. Here’s what we’re watching RN: 

🔥 HOT: Tesla (NASDAQ: TSLA) had its single best day since 2013, gaining 21.9% on the back of a wild third-quarter earnings report. The company’s EPS was $0.72, 21.3% higher than the expected EPS of $0.62. Tesla’s big day leaves it up 9.4% YTD, an impressive feat considering that it was down as much as 44% at the end of April.

🥶 NOT: Boeing (NYSE: BA) has been hopping from one calamity to another all year, and its current labor strike seems to indicate that the future holds more of the same. BA is down 39.7% YTD after losing another 1.2% on Thursday. Between labor concerns, strained financials, and low customer confidence, the rest of the year and beyond looks like it’s going to be a difficult road for Boeing.

🔥 HOT: UPS (NYSE: UPS) gained 5.3% on Thursday after beating its EPS numbers for the third quarter. The delivery giant managed a higher-than-expected revenue despite declining online sales thanks to increased domestic demand. The stock still has a long way to go to reclaim its highs from 2023 and now sits down 11.9% YTD.

🥶 NOT: Despite beating its third-quarter earnings projections, Hasbro (NASDAQ: HAS) lost 6.0% on Thursday as investors worry about the company’s declining sales. Revenue from Hasbro’s top segments — Wizards of the Coast and Digital Gaming — declined by 5%. The company reassessed its full-year outlook and now says that it expects its consumer products revenue to be down around 13%.

📈 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: 

Mastec, Inc. (NYSE: MTZ) 

⭐ Earnings expected 11/1 

Analyst/Firm: Andy Kaplowitz / Citigroup

Analyst ranking: Top 1% / average return +29.03% / win rate 71% 

Yesterday’s market close: $122.53 (See latest price here)

Price target: $150.00 

• Maintaining a Strong Buy rating, Citigroup's Andy Kaplowitz raised their price target on MasTec (NYSE: MTZ) by 23% from $122 to $150 on 10/22, in advance of the company’s earnings, expected on 11/1.  
• In a sector preview note, Kaplowitz predicted further upside from Citigroup's preferred engineering and construction names because "continued healthy end-market demand trends and ongoing self-help initiatives should support earnings growth."
• The analyst detailed that earnings visibility remains "reasonably elevated" for most names in the group heading into the results and named Quanta Services their top pick, followed by Aecom and MasTec.
• Could MTZ see 25% upside in the coming year? See what pros have to say. 

1-year chart for MTZ, courtesy TradingView 

Calumet Inc. (NASDAQ: CLMT) 

⭐ Earnings expected 11/7 

Analyst/Firm: Roger Read / Wells Fargo

Analyst ranking: Top 6% / average return +6.49% / win rate 55% 

Yesterday’s market close: $21.19 (See latest price here)

Price target: $29.00 

• Maintaining a Strong Buy rating, Wells Fargo's Roger Read raised their price target on Calumet (NASDAQ: CLMT) by 16% from $25 to $29 on 10/21 in advance of the company’s earnings, expected on 11/7. 
• In a preview note, Read attributed their price target hike to "the stock's attractive near-term valuation and longer-term potential to $40."
• Looking ahead, the analyst told readers that Wells Fargo predicts that "lower costs and greater financial capacity should deliver greater earnings power and cashflow generation for Calumet Specialty Products with visibility into 2028."
• See more analyst ratings on CLMT here.

1-year chart for CLMT courtesy TradingView 

Impinj, Inc. (NASDAQ: PI) 

Analyst/Firm: Christopher Rolland / Susquehanna

Analyst ranking: Top 1% / average return +27.26% / win rate 59% 

Yesterday’s market close: $192.21 (See latest price here)

Price target: $260.00 

• Maintaining a Strong Buy rating, Susquehanna's Christopher Rolland raised their price target on Impinj (NASDAQ: PI) by 20.9% from $215 to $260 on 10/21.
• Rolland contextualized their price target hike on Impinj with the following segment comments:
• Susquehanna expects continued broad-based headwinds to affect the group, particularly for Automotive and Industrial, because momentum began to slow in the late summer.
• For PC, their firm expects notebook builds to be up for 2024, with slightly slower builds into year-end because AI PCs were not the driver most were hoping for.
• For Handsets, Susquehanna expects smartphone shipments to increase in 2024.
• For Data Center, their firm's recent server channel checks support a slightly stronger 2H 2024, driven in part by AMD/Genoa market share gains.
• For A.I., channel checks remain solid, and Susquehanna expects hyperscaler Capex revisions to support 2H 2024 and into next year.

1-year chart for PI, courtesy TradingView 

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