The S&P 500 has bounced back handily from April’s tariff and trade war-induced lows. This is great news for equity investors who felt like they were floating on driftwood in a sea of red. The 6% recovery over the last week unfortunately does not negate the fact stocks remain down 7% year-to-date. The larger fear, along with higher rates and investors exiting U.S. stocks (and bonds!), is that the economy is slowing whether the tariffs hit or not. And Wall Street has tried to remain nimble all through this malaise.
The current trend among research reports is for analysts to maintain their positive ratings and neutral ratings while trimming their price targets lower based on how much stocks have sold off and based on lower earnings power ahead. Analysts have taken their price targets much lower in some cases — but, analysts have also issued new ideas looking for overlooked gems for longer-term investors and short-term traders alike. Some stocks are still being formally upgraded. And some stocks are still receiving higher price targets.
The current “downgrade-lite” theme has been the result f the panic from tariffs, trade war, China, interest rates, political fighting, deficit spending, a weaker dollar, slower consumer spending, and so on. There has even been some “AI fatigue” that was obvious if you just accept the price action of the top AI stocks.
Wall Street’s hidden gems may signal that hope is not lost. Just keep in mind that none of the upside targets and scenarios issued by Wall Street come with any guaranteed upside in the calls. Some of the calls may even prove to be premature, or even wrong. Oggonomics also reminds its readers that no single analyst call should ever be used as the sole reason to buy or sell a stock.
Again, most analyst calls being issued at this time are coming with analyst price targets being lowered rather than raised. These are the fresh analyst calls with upgrades and/or raised price targets issued on April 25.
ALPHABET MULTIPLE HIKES ON EARNINGS
Alphabet Inc. (NASDAQ: GOOGL) was a big post-earnings winner that may have shown the selling pressure around the economy and around AI risks may have been too extreme. The company beat earnings expectations, added $70 billion for buybacks, and dampened the overhang of AI against its search business and dampened the impact of slower ad spending expectations. Alphabet was initially up closer to 4% but it was up 1.7% at $162.00 in Friday’s mid-day trading. Multiple firms raised their targets:
- BofA Securities (Buy) raised its price objective to $200 from $185
- Citigroup (Buy) raised its target to $200 from $195
- JPMorgan (Overweight) raised its target to $195 from $180
- KeyBanc Capital Markets (Overweight) raised its target to $195 from $185
- Piper Sandler (Overweight) raised its target to $195 from $185
- UBS (Neutral) raised its target to $186 from $173
- Wells Fargo (Equal-Weight) raised its target to $175 from $167
ARE AIRLINE STOCKS TOO OVERSOLD?
Airline stocks are highly cyclical and are not immune to the current economic risks. TD Cowen believes these stocks have sold off enough. The firm reiterated its Buy rating on American Airlines Group Inc. (NASDAQ: AAL) and raised its target to $13 from $12 (versus $9.70 today). American Airlines’ 52-week range is $8.50 to $19.10. Alaska Air Group, Inc. (NYSE: ALK) was reiterated as Buy and its target price was raised to $62 from $54 by TD Cowen. (versus $42.00 today). Its 52-week range is $32.62 to $78.08.
HIGH-QUALITY BUSINESSES, OVERSOLD STOCKS…
La-Z-Boy Inc. (NYSE: LZB) was raised to Overweight from Sector Weight with a $46 price target (versus $39 today). The firm issued multiple cyclical companies like this as being overly sold with long-term buying opportunities in a high-quality business. La-Z-Boy was above $45 earlier in 2025.
Lowe’s Companies Inc. (NYSE: LOW) is very counter-intuitive as it has tariff risks and is very cyclical. KeyBanc Capital Markets raised its rating to Overweight from Sector Weight with a $266 price target – versus $222.05 ahead of the call. The firm believes patient investors have been given an incredible long-term buying opportunity for a high-quality business after its recent pullback. Lowe’s was a $265 stock earlier this year.
Williams-Sonoma, Inc. (NYSE: WSM) is also very cyclical and it has tariff exposure, but KeyBanc Capital Markets raised its rating to Overweight from Sector Weight with an $181 price target (versus $151 today). This one is also called overly sold off for a high-quality business with great buying opportunity for long-term and patient investors. Williams-Sonoma was a $215 stock earlier this year.
HIGHLY SPECULATIVE RISK-ON…
CI&T Inc. (NASDAQ: CINT) may seem an odd choice for positive ratings considering it is Brazilian IT company with a lot of effort around AI. Citigroup initiated coverage on CI&T with a Buy rating and a $7.00 price target. It sees a compelling topline growth story with a secular opportunity to play the digital transformation and AI adoption from enterprises. Citi expects strong earnings growth and strong cash flow, and while there are tariff risks and recession risks Citi’s industry and channel checks are still pointing to a resilient outlook for enterprise IT budgets. CI&T was at $5.31 ahead of the call and it was up 3% at $5.50 after the call. Be advised that this is a small-cap stock worth only about $750 million and many Wall Street firms will not cover it because of its size and foreign base.
Rocket Lab USA, Inc. (NASDAQ: RKLB) is a very volatile stock in the privatization of space exploration that is not for the faint of heart. Needham & Co. doesn’t seem to mind as the firm initiated Rocket Lab with a Buy rating and assigned $28 price target (versus $21.88 ahead of the call). The firm sees a disruptive company in the rapidly evolving space sector that has a deep vertical integration which can actually challenge SpaceX and other emerging space leaders. The upside expectations are driven by strong growth in government and commercial spending for low-earth orbit constellation launches. If you want proof on how volatile this $10 billion stock is, its 52-week trading range is $3.65 to $33.34.
ALSO READ: MORE ANALYST UPGRADES IN MARKET PANIC!
TRASH IS NOT GARBAGE…
Republic Services, Inc. (NYSE: RSG) sits in the defensive position of being in waste management and trash disposal. BMO Capital Markets reiterated its Outperform rating and raised its price target to $268 from $260, versus about $240 as of today. Republic demonstrated strong pricing power and a strong execution with cost controls in place. Its 52-week range is $180.92 to $249.73.
Waste Connections, Inc. (NYSE: WCN) received a similar call as Republic Services at BMP Capital Markets, raising its price target to $216 from $214 and reiterating an Outperform rating. Its stock was down 2% at $192.75 on Friday.
Waste Management, Inc. (NYSE: WM) already has a defensive posture as companies and individuals will have o deal with waste and garbage regardless of the economy. That’s an oversimplification, and their risks on earnings in softer economies, but the contracts are generally long term and not easy to replace. HSBC raised Waste Management to Buy from Hold and raised its price target to $265 from $210. That’s up from $227.47 ahead of the call and its 52-week range is $196.59 to $239.32.
ENOUGH IS ENOUGH, ALREADY…
Agilon Health, Inc. (NYSE: AGL) is a small medical care facilities player offering primary care physicians for seniors. Citigroup has opined that the 30% sell-off in the wake of UnitedHealth’s big drop was more than enough. Citi raised its rating to Buy from Neutral with a $5.00 price target versus $3.83 today (and versus $5.68 earlier this month). Citi noted that Agilon Health has reduced its risk in 2025 and should see margin improvements in 2026 and 2027 after its 2026 final rate notice.
The Charles Schwab Corporation (NYSE: SCHW) was raised to Buy from Neutral with a $100 price target at Goldman Sachs and it was highlighted in more detail based on its upside change.
Encompass Health Corporation (NYSE: EHC) was last seen trading up 10% at $11.50 after a strong earnings report. Barclays reiterated its Overweight rating and raised its price target to $129 from $118 after this report. Encompass Health is considered to be a highly defensive stocks in this economic environment and it is considered to be well insulated against the current policy risk. Perhaps it is clear enough — do inpatient rehabilitation hospitals have to worry about tariffs (or even recessions)? Encompass Health was also reiterated as Overweight and its target was raised to $122 from $120 by KeyBanc Capital Markets.
FMC Corporation (NYSE: FMC) was raised to Outperform from Neutral and its price target was raised to $49 from $46 at Mizuho. The stock was at $40.79 ahead of the call, down from $55 at the start of February. Mizuho believe the downside from here is limited with an attractive risk-reward profile, and its valuation of 8.5-times expected EBITDA is close to the lowest valuations it ha seen in almost a decade. FMC may not be immune to trade war concerns as it offers farmer crop protection solutions (chemicals, biologicals, nutrition and seed treatment) in Latin America, North America, Europe, the Middle East, Africa, and Asia.
Gilead Sciences, Inc. (NASDAQ: GILD) did not have a positive reaction to earnings. It was down to $103 after closing at $106.15, Morgan Stanley sees it as a defensive play with growth potential. The firm reiterated its Overweight rating and raised its price target to $135 from $130. With earnings generally in-line and after it reiterated 2025 guidance, its FDA interactions regarding Lenacapavir for PREP are said to be on track with potential upward revisions on Lenacapavir estimates. Morgan Stanley also sees additional “multiple expansion” for the stock as it progresses its next-generation HIV treatment pipeline. Gilead was a $117 stock in march.
Hasbro, Inc. (NASDAQ: HAS) saw its shares surge about 15% to $60.37 this week after earnings came in much better than expected, with the toymaker putting about $300 million at-risk from tariffs. Citigroup raised Hasbro to Buy from Neutral with a $72 price target. The firm pointed out that Hasbro was the biggest positive surprise after the “Liberation Day” reactions of its coverage. This was a $62 stock at the end of March, so it has almost fully recovered after its post-earnings pop.
O’Reilly Automotive, Inc. (NASDAQ: ORLY) may not be immune to the economy nor to tariffs, but BMO Capital Markets reiterated its Outperform rating and raised its price target to $1,500 from $1,450 _versus $1,340 today. O’Reilly’s beat earnings/comps expectations even as margin performance was a drag against earnings. BMO sees O’Reilly in an enviable position as it should be able to pass through price hikes even if there is some near-term tariff uncertainty.
The Procter & Gamble Company (NYSE: PG) was not exactly an earnings winner, falling from $170 a week ago to under $160 on last look. RBC Capital Markets is taking the defensive nature of the consumer products leader into stride, upgrading Procter & Gamble’s stock rating to Outperform from Sector Perform and also raising its price target to $177 from $164. The firm did address that the quarter had its challenges. It also called it a clearing event that allowed the company to reduce expectations while also protecting its investments needed for sustainable long term growth. The firm now sees guidance as realistic and achievable on a rare stock pullback of this magnitude.
TechnipFMC plc (NYSE: FTI) may seem riskier as a subsea driller, but Barclays reiterated its Overweight rating and raised its price target to $45 from $43. The firm called it a stand-out this quarter after earnings and sees TechnipFMC having the least amount of downside earnings risk. It sees limited tariff exposure and a sizable and growing order backlog along with an improving margins story. The company’s CEO just opined that offshore will remain a preferred investment of operators and the international operations are expected to deliver more than $10 billion of subsea inbound in 2025. Its stock was last seen up almost 2% at $28.00 on Friday.
Trane Technologies plc (NYSE: TT) is a leader in manufacturing and servicing of heating, ventilation and air conditioning systems. While the business is cyclical, many aspects of the business are somewhat more defensive. HSBC raised its rating on Trane to Buy from Hold and raised its price target to $415 from $405. While there is always some tariff risk, HSBC opines that Trane offers limited risk from tariffs and the economic cycle — and it sees attractive long-term growth. Train closed at $343.04 ahead of the call.
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PLEASE NOTE — OGGONOMICS ALWAYS REMINDS INVESTORS THAT NO SINGLE ANALYST REPORT SHOULD EVER BE THE SOLE BASIS TO BUY OR SELL A STOCK. ANALYSTS CAN BE WRONG, AND NO RESEARCH REPORTS COME WITH GUARANTEES OF GAINS — AND SOME STOCKS MAY CONTINUE TO DROP IN VALUE EVEN AS ANALYSTS DEFEND THEIR CALLS. THE RATINGS, PRICE TARGETS AND OPINIONS STATED ARE SOLELY THE VIEWS OF EACH FIRM NAMED. OGGONOMICS MAINTAINS NO FORMAL RATINGS OF ITS OWN NOR DOES IT MAINTAIN ANY PRICE TARGETS OF ITS OWN FOR ANY OF THE SECURITIES MENTIONED IN THIS AGGREGATED REPORT.
