S&P 500   5,088.80
DOW   39,131.53
QQQ   436.78
In his annual letter, Warren Buffett tells investors to ignore Wall Street pundits
Laser breakthrough could send stock soaring 2,467% (Ad)
Sprouts, Block rise; Booking Holdings, Insulet fall, Friday, 2/23/2024
How major US stock indexes fared Friday, 2/23/2024
Laser breakthrough could send stock soaring 2,467% (Ad)
MarketBeat Week in Review – 2/19 - 2/23
Closing prices for crude oil, gold and other commodities
Laser breakthrough could send stock soaring 2,467% (Ad)
Mark Zuckerberg Is Sitting on a Huge Stockpile of AI Chips as Companies Compete for Limited Supplies
Taiwan giant chipmaker TSMC opens first plant in Japan as part of key global expansion
S&P 500   5,088.80
DOW   39,131.53
QQQ   436.78
In his annual letter, Warren Buffett tells investors to ignore Wall Street pundits
Laser breakthrough could send stock soaring 2,467% (Ad)
Sprouts, Block rise; Booking Holdings, Insulet fall, Friday, 2/23/2024
How major US stock indexes fared Friday, 2/23/2024
Laser breakthrough could send stock soaring 2,467% (Ad)
MarketBeat Week in Review – 2/19 - 2/23
Closing prices for crude oil, gold and other commodities
Laser breakthrough could send stock soaring 2,467% (Ad)
Mark Zuckerberg Is Sitting on a Huge Stockpile of AI Chips as Companies Compete for Limited Supplies
Taiwan giant chipmaker TSMC opens first plant in Japan as part of key global expansion
S&P 500   5,088.80
DOW   39,131.53
QQQ   436.78
In his annual letter, Warren Buffett tells investors to ignore Wall Street pundits
Laser breakthrough could send stock soaring 2,467% (Ad)
Sprouts, Block rise; Booking Holdings, Insulet fall, Friday, 2/23/2024
How major US stock indexes fared Friday, 2/23/2024
Laser breakthrough could send stock soaring 2,467% (Ad)
MarketBeat Week in Review – 2/19 - 2/23
Closing prices for crude oil, gold and other commodities
Laser breakthrough could send stock soaring 2,467% (Ad)
Mark Zuckerberg Is Sitting on a Huge Stockpile of AI Chips as Companies Compete for Limited Supplies
Taiwan giant chipmaker TSMC opens first plant in Japan as part of key global expansion
S&P 500   5,088.80
DOW   39,131.53
QQQ   436.78
In his annual letter, Warren Buffett tells investors to ignore Wall Street pundits
Laser breakthrough could send stock soaring 2,467% (Ad)
Sprouts, Block rise; Booking Holdings, Insulet fall, Friday, 2/23/2024
How major US stock indexes fared Friday, 2/23/2024
Laser breakthrough could send stock soaring 2,467% (Ad)
MarketBeat Week in Review – 2/19 - 2/23
Closing prices for crude oil, gold and other commodities
Laser breakthrough could send stock soaring 2,467% (Ad)
Mark Zuckerberg Is Sitting on a Huge Stockpile of AI Chips as Companies Compete for Limited Supplies
Taiwan giant chipmaker TSMC opens first plant in Japan as part of key global expansion

The 3 Most Upgraded Stocks Are Reversing

Stock upgrades

Key Points

  • Salesforce.com is the most upgraded stock and on the verge of reversing. 
  • Meta Platforms is ahead of the game and ready to move higher. 
  • NVIDIA completed its reversal and is on track to retest all-time highs. 
  • 5 stocks we like better than NVIDIA

February was a tough month for the market but all is not lost. Stocks like Salesforce.com NYSE: CRM, Meta Platforms NASDAQ: META, and NVIDIA NASDAQ: NVDA came out with many upgrades that have these stocks not only bottoming but in reversal. While hurdles remain, these market-leading best-in-breed names are where bullish analyst sentiment is centered and market dollars are flowing so they should be on your radar if not in your portfolio. 

Salesforce.com Is The Most Upgraded Stock

Salesforce.com reported what has been described as an “eye-popping” quarter and issued guidance so far above the analyst consensus it sparked more than 30 commentaries and reports in under a day. The takeaway is that Salesforce.com is still benefitting from the shift to digital, its services are in demand, and earnings are on the rise. 

The company began cutting costs along with the rest of the tech industry last year, which has helped leverage its bottom line. The guidance was not just strong but a full 2000 basis points better than expected which is stunning on its own and more so when you consider the repurchasing power it brings. Speaking of repurchasing, Salesforce repurchased shares worth 1.4% of the pre-release market cap in Q4. It upped the buyback allotment to $20 billion, worth another 12% of the market cap. 

The weekly chart of CRM shares shows a market on the brink of completing a Head & Shoulders Reversal. The next hurdle is the neckline of the pattern at $195 but there is a risk as well. The market opened a large price gap on the daily chart that may be closed before the reversal is completed. 

Meta Platforms Bounces Back From The Social Media Blahs 

Meta Platforms wowed the market with its report. The company’s revenue number came in well above expectations and points to a rebound in business. The trouble with the report was margin contraction, which was mitigated by Mr. Zuckerburg’s pledge to have a Year of Efficiency. That pledge was compounded by a new $40 billion buyback allotment which is also helping to support prices. Regardless, the news spurred more than 30 analyst reports for this stock, and they are mostly bullish.

The takeaway from the reports is that sentiment and the Marketbeat.com price target are increasing, the price target more so than the sentiment, leading the stock higher. 

Meta Platforms is also in the midst of a Head & Shoulders Reversal. The difference here is that Meta has already tested resistance, reestablished support and looks ready to move higher sooner rather than later. Assuming the market gets above $188 and holds it, it should continue up into the high $200 range. 

NVIDIA, Another Wow Report 

NVIDIA issued another wow report for the market citing strength in AI and gaming. The strength in AI is no surprise given the environment but gaming strength was. The company did not issue any news about buybacks other than to report it repurchased $1.15 billion in the quarter and over $10 billion for the year. Based on the guidance, which is well above the consensus, this trend should continue in 2023. 

NVIDIA has garnered 25 analysts' commentaries in the last 30 days, 22 since the earning report, and they have the sentiment and price target firming. As it is, the analysts rate this stock a Moderate Buy verging on Firm Buy with a price target in line with the price action. This trend has the stock completely reversed, possibly leading NVIDIA shares to an all-time high. 

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Should you invest $1,000 in NVIDIA right now?

Before you consider NVIDIA, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and NVIDIA wasn't on the list.

While NVIDIA currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Meta Platforms (META)
4.0372 of 5 stars
$484.03-0.4%0.41%32.49Moderate Buy$494.53
Salesforce (CRM)
4.6903 of 5 stars
$292.80-0.3%N/A111.33Moderate Buy$269.86
NVIDIA (NVDA)
4.5195 of 5 stars
$788.17+0.4%0.02%66.01Moderate Buy$820.03
Compare These Stocks  Add These Stocks to My Watchlist 

Thomas Hughes

About Thomas Hughes

  • tmhughes.writeon@gmail.com

Contributing Author

Technical and Fundamental Analysis

Experience

Thomas Hughes has been a contributing writer for MarketBeat since 2019.

Areas of Expertise

Technical analysis, the S&P 500; retail, consumer, consumer staples, dividends, high-yield, small caps, technology, economic data, oil, cryptocurrencies

Education

Associate of Arts in Culinary Technology

Past Experience

Market watcher, trader and investor for numerous websites. Founded Passive Market Intelligence LLC to provide market research insights. 


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