DJT Jumps Ahead of Election + 3 Strong Buy Selections

There’s a lot going on in the stock market right now — here are some of the highlights for today, 10/29/2024.

🔥 HOT: Shares of Donald Trump’s media company, Trump Media & Technology Group (NASDAQ: DJT), gained 21.6% on Monday after a Trump rally at MSG over the weekend. DJT is surging as some analysts think that a Trump win in the U.S. election is looking more likely than it did at the end of the summer. What a Trump win or loss will do to DJT is anybody’s guess, but the stock has gained more than 280% since its low point on September 24th.

🥶 NOT: Medical device manufacturer Philips (NYSE: PHG) saw its shares dip by 16.0% on Monday after the company was forced to lower its sales projections due to declining demand in China. Philips's revenue numbers were $300 million shy of analysts’ expectations when it reported earnings back on September 30th, and the company’s sales growth is half of what it was this time last year. Despite these concerns, PHG is still up 18.6% YTD.

🔥 HOT: Gene therapy company Crispr Therapeutics (NASDAQ: CRSP) gained 5.0% on Monday as the company positions itself to be a major player in the CRISPR therapy game. The company’s financials have significantly improved after its partnership with Vertex Pharmaceuticals, and it enjoys the first-mover advantage as the leader in gene therapy for several key illnesses. Analysts believe that the company’s mature pipeline and strong financial position make it one of the few solid long-term investments in the biotech space.

🥶 NOT: Boeing (NYSE: BA) announced that it was planning a $19 billion stock sale to raise capital on Monday, triggering a 2.8% drop in the company’s share price. Boeing has now lost 41.4% this year, and investors seem to be interpreting this latest news as a sign of more trouble to come.

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

Strong Buys: Top Picks from Top Wall Street Analysts 

Hot off the presses! These three stocks just got Strong Buy ratings from analysts with excellent track records. How’d we find them? With WallStreetZen's Strong Buys from Top Wall Street Analysts page. It’s a premium feature on our site, but we’ve unlocked a FREE sampling below: 

Skechers USA Inc. (NYSE: SKX)

⭐ SKX is our latest stock of the week

Analyst/Firm: Adrienne Yih / Barclays

Analyst ranking: Top 4% / average return +10.3% / win rate 52% 

Yesterday’s market close: $61.86

Price target: $80.00 

• Maintaining a Strong Buy rating, Barclays's Adrienne Yih raised their price target on Skechers USA (NYSE: SKX) by 1.3% from $79 to $80 following the company’s 10/24 earnings announcement.  
• Yih said they raised their price target on "a report highlighted by an acceleration of growth in domestic wholesale and unexpected strength in Europe, the Middle East, and Africa with sales up 30%."
• Looking ahead, however, the analyst cautioned that "China weakness, a gross margin miss, and heightened inventory levels are all identifiable risks over the near-term with offsets."
• Will SKX soar 40% in the coming year? See what pros have to say.

1-year chart for SKX, courtesy TradingView

Western Digital Corp. (NASDAQ: WDC)

Analyst/Firm: Joseph Moore / Morgan Stanley

Analyst ranking: Top 3% / average return +15.63% / win rate 56%  

Yesterday’s market close: $69.71

Price target: $100.00 

• Maintaining a Strong Buy rating, Morgan Stanley's Joseph Moore raised their price target on Western Digital (NASDAQ: WDC) by 6.4% from $94 to $100 following the company’s 10/24 earnings announcement.
• Considering the "nervous NAND market," Moore said the quarter Digital "did well," with like-for-like pricing up in 9/2024 and implied guidance for modest declines in 12/2024, with bits up mid-single digits and NAND revenues up slightly.
• Looking ahead, the analyst told readers that Morgan Stanly is "optimistic" NAND will improve next year, adding that "even if it doesn't, the NAND asset is mispriced." 
• Post Q1's "solid numbers, the focus should shift to the separation of Western Digital's HDD and Flash businesses," Moore said to close out their note.
• See why some analysts forecast 65%+ upside for WDC in the coming year.

1-year chart for WDC, courtesy TradingView

Tapestry, Inc. (NYSE: TPR) 

⭐ Earnings expected 11/7

Analyst/Firm: Paul Lejuez / Citigroup

Analyst ranking: Top 5% / average return +9.91% / win rate 61% 

Yesterday’s market close: $50.47

Price target: $55.00 

• Maintaining a Strong Buy rating, Citigroup's Paul Lejuez raised their price target on Tapestry (NYSE: TPR) by 12.2% from $49 to $55 on 10/25, in advance of the company’s earnings announcement, expected on 11/7. 
• In a preview note, Lejuez backgrounded that the failed acquisition of Capri Holdings acquisition makes the Tapestry story "much cleaner."
• The analyst speculated that "although Tapestry intends to appeal the decision, its management may be breathing a secret sigh of relief."
• The blocked deal allows Tapestry's strong free cash flow generating power to come back into focus, and it should resume share buybacks in FY 2025, Lejuez explained.
• See more analyst ratings + forecasts for TPR here.

1-year chart for TPR, courtesy TradingView

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