August's Most Upgraded: 3 Stocks With +20 Price Target Increases

Key Points

• August was a solid, but not overly impressive month regarding performance in the overall market.
• However, it was a great month for three stocks, with analysts lifting their price targets on these names more than 20 times.
• Analysts see double-digit upside ahead for SHOP and SNOW.

In August, the S&P 500 Index posted a moderate gain of around 2%, marking its fifth-best monthly performance of 2025. Although August wasn’t a standout month for the general market, it certainly was for three names.

Below, we’ll detail the three stocks that led the month when it came to analysts boosting their price targets, all receiving more than 20 upgrades according to MarketBeat data.

Updated Targets Continue to See Double-Digit Upside in SHOP

First up is one of the most talked-about foreign stocks on the market, Shopify NYSE: SHOP. Although Shopify generated 64% of its revenue from the United States in 2024 and trades on the NYSE, it is a Canadian-based company. In August, MarketBeat tracked 23 Wall Street analysts who boosted their price targets on Shopify.

The vast majority of SHOP’s upgrades came on Aug. 7 in reaction to the company’s robust Q2 earnings report on Aug. 6. Shares rose 22% the day of the release, as Shopify handily beat estimates on both revenue and adjusted earnings per share (EPS).

The company’s gross merchandise volume (GMV) growth accelerated to nearly 31%, its fastest rate in at least the last six quarters. International performance was particularly strong, with GMV increasing by 42%. These factors helped revenue grow by 31%, and Shopify said that the negative impacts it forecasted due to tariffs did not materialize.  

The MarketBeat consensus price target on Shopify of around $150 implies less than 3% upside. However, focusing on targets updated in August paints a much more encouraging picture. Among them, the average target is nearly $167, which suggests shares could rise by more than 14%.

MDB Catches Over 20 Upgrades on Blowout Earnings Report

Relational database company MongoDB NASDAQ: MDB was a huge winner in August when it came to analyst upgrades. MarketBeat tracked 22 analysts who increased their price targets. Like Shopify, this came as MongoDB delivered one of the market’s most impressive earnings reports recently. 

Shares gapped up by 38% on Aug. 27, reacting to the company’s after-market release on Aug. 26.

Mongo's revenue growth accelerated to 24%, the fastest rate over the past six quarters, delighting investors. The firm also massively increased its full-year adjusted EPS guidance to around $3.69 at the midpoint, a nearly 22% boost versus its previous guidance. 

A major component of this decision was Mongo’s adjusted operating margin, which increased by 400 basis points to 15%.

MarketBeat’s consensus price target on MongoDB is approximately $310, implying around 4% share downside. However, price targets updated after the company’s latest earnings are generally much higher than this figure. 

The average price target is slightly above $328. With shares closing at around $323 on Sept. 8, this target isn’t particularly bullish, but it is substantially more reassuring than the consensus target.

SNOW: Upgraded Over 25 Times, Recent Targets Imply 17% Upside

Rounding out the list is another tech stock, Snowflake NYSE: SNOW. Shares catapulted up by more than 20% after the company’s August 27 earnings. Revenues grew by 32% in Q2, a huge acceleration compared to 26% in Q1.

The company also slightly increased its full-year product revenue guidance and boosted its adjusted operating margin from 8% to 9%. Notably, the company’s net revenue retention (NRR) ticked up to 125% from 124% last quarter. NRR measures how much each recurring customer spent on the platform compared to the prior year’s quarter.

Thus, customers spent 25% more on the platform than in Q2 2024. This shows that SNOW’s products fill a key customer need, causing them to spend more rather than move to a competitor.

Overall, MarketBeat tracked a staggering 28 analysts who lifted their price targets on Snowflake in August. Investors will be happy to see that the MarketBeat consensus price target on Snowflake sits at over $255, implying nearly 13% upside in shares.

They will be even happier to learn that the average price target among analysts who updated their forecast after SNOW’s Q2 earnings sits at $264. That figure suggests that shares could rise by another 17%.

Shopify, MongoDB, and Snowflake Outperform in August

Overall, SHOP, MDB, and SNOW all demonstrated strong performance in August. Shares gained by approximately 3.5%, 32.7%, and 6.8%, respectively, all beating out the return of the S&P 500.

Going forward, Snowflake stands out due to its strong NRR and the significant upside projected by recent analyst forecasts.