NVDA Doesn't Suck, Tesla Popping, & More Mind-Boggling Market Moves

There's never a dull moment in the stock market. From mall chains to a surprise win for Boeing, here’s what our researchers Jessie Moore and Dan Simms are following, plus three picks from top-rated analysts.

P.S. Want even more hot stocks? Discover our latest Stock of the Week, hand-picked by Zen Investor Editor in Chief Steve Reitmeister. Get the latest pick. 📈 

🔥 HOT: Tesla (NASDAQ: TSLA) gained 2.7% on Monday after Panasonic announced that it was prepared to mass produce high-capacity EV batteries for Tesla vehicles. Tesla has lost 13.4% YTD and has been in a consolidation phase for nearly two months. Monday’s good news could be just what the stock needs to erase its 2024 losses.

🥶 NOT: Wheeler Real Estate Investment Trust (NASDAQ: WHLR) lost 35.2% on Monday, giving back a large portion of the gains it enjoyed on Friday. Friday’s spike was caused by news that a class action suit filed against the company was dismissed by the United States Court of Appeals. Monday’s subsequent loss is most likely due to short-term traders taking profits. WHLR has been trading in a strong downtrend, so Friday’s buyers were probably looking for a quick trade rather than a long-term investment.

🔥 HOT: Boeing (NYSE: BA) has not been having a good year, thanks to numerous controversies surrounding its quality control and safety practices. Monday, however, saw the stock gain 3.4% after the company announced that it had reached an agreement with its workers’ union and would most likely avoid a strike that would have done even more damage to its share price. Still, BA remains down 36.7% on the year.

🥶 NOT: Shopping mall clothing brand Zumiez (NASDAQ: ZUMZ) lost 12.7% on Monday after reaching its all-time high on Friday. The company reported earnings on Thursday, shattering analysts’ predictions and beating both its EPS and revenue estimates. It remains to be seen whether or not Monday’s losses are simply an over-correction after Friday’s gains. ZUMZ is up 15.9% YTD even after Monday’s loss. 

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

Strong Buys: Top Picks from Top Wall Street Analysts 

How good is that stock analyst, anyway? With WallStreetZen's Top Analysts, you gain insight into the analysts behind the picks — you can see their ranking, average return, and historical win rate. 

It’s a premium feature on our site, but we’ve unlocked a FREE sampling below: 

1- Nvidia Corp. (NASDAQ: NVDA) 

Analyst/Firm: Vivek Arya / Bank of America

Analyst ranking: Top 1% / average return +17.88% / win rate 56% 

Yesterday’s market close: $106.47

Price target: $165.00 

• Bank of America's Vivek Arya recently reiterated their Strong Buy rating on Nvidia (NASDAQ: NVDA) and maintained a $165 price target.
• Arya acknowledged that Nvidia "faces several near-term headwinds that could suppress the price of the stock,” including the Blackwell delay and gross margin pressure, a potential DOJ probe, fears about competition, AI monetization, and cloud Capex, and market factors like weak seasonality and the U.S. elections.
• However, the analyst said of BoA's top pick that those factors "could also potentially create an enhanced buying opportunity with the stock trading within the lowest quartile of valuation in the past five years."
• See why some analysts believe NVDA could hit $200 in the next year.

1-year chart for NVDA, courtesy TradingView

2- Planet Fitness Inc. (NYSE: PLNT)

Analyst/Firm: Rafe Jadrosich / Bank of America

Analyst ranking: Top 8% / average return +15.96% / 59% 

Yesterday’s market close: $80.84

Price target: $100.00 

• Maintaining a Strong Buy rating, Bank of America's Rafe Jadrosich raised their price target on Planet Fitness (NYSE: PLNT) by 5.3% from $95 to $100 on 9/6. Here’s why:
• Jadrosich said they made their price target move because BoA "expects Planet Fitness units built after the company's classic card increase on 6/28 to deliver 4-wall EBITDA margins and cash on cash returns in line with pre-COVID levels, likely driving pre-COVID level unit growth."
• Assessing foot traffic data through August 2024, the analyst added that their firm has seen no significant slowdown in traffic since the price increase.
• See more forecasts and price targets for PLNT here.

1-year chart for PLNT, courtesy TradingView

3- Intra-Cellular Therapies Inc. (NASDAQ: ITCI) 

Analyst/Firm: Charles Duncan / Piper Sandler

Analyst ranking: Top 3% / average return +15.31% / win rate 46% 

Yesterday’s market close: $74.41 

Price target: $92.00 

• Piper Sandler's Charles Duncan upgraded their rating on Intra-Cellular Therapies (NASDAQ: ITCI) from Hold to Strong Buy on 9/6, with a price target increase of 35.3%, from $68 to $92.
• Duncan said that a survey of 25 psychiatrists was the catalyst for their upgrade and price target move.
• Feedback from the practitioners suggested, according to the analyst, that "the patient and prescription volume footprints for Intra Cellular Therapies' Caplyta as an adjunctive treatment for major depressive disorders is similar to the one that AbbVie (ABBV) is carving out for Vraylar."
• The analyst said that Piper Sandler expects Caplyta peak sales of around $4B, "making for a fundamentally more benign risk/reward profile for Intra-Cellular stock, even when accounting for the uncertainty associated with Caplyta's exclusivity runway."
• See more forecasts and price targets for ITCI here.

1-year chart for ITCI, courtesy TradingView

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