Analyst Ratings Analysis

Date: July 10, 2024

A number of high-profile stocks have seen significant updates in their ratings and target prices from major financial institutions. Here’s a closer look at the latest analyst ratings for CN Railway, CP Rail, Manulife Financial, Nvidia, and Tesla.

CN Railway (CNR:CA)

Scotia Capital:

• Rating: Outperform
• Target Price: CAD 188
• Date: July 10, 2024

Scotia Capital has upgraded CN Railway to an “Outperform” rating with a target price of CAD 188. This upgrade reflects Scotia Capital’s positive outlook on CN Railway’s performance, indicating that the firm expects the stock to outperform the broader market.

• Analyst Average Target Price: The average target price among 19 analysts is CAD 174.76 over the next 12 months, indicating a positive expectation for price appreciation.
• Analyst Consensus Rating: The average analyst rating is “Buy,” suggesting a consensus among analysts that the stock is favorable for investment.
• Stock Target Advisor’s Analysis: Stock Target Advisor considers Canadian National Railway Co to be Bullish, with 8 positive signals and 3 negative signals. This analysis underscores a generally optimistic view based on its internal evaluation criteria.
• Recent Stock Performance: As of the last closing, Canadian National Railway Co’s stock price was CAD 157.57. It has experienced a slight decline recently: -2.02% over the past week and -7.81% over the past month. However, it has shown a modest gain of +2.36% over the last year, indicating resilience and potential recovery.

CP Rail (CP:CA)

Scotia Capital:

• Rating: Outperform
• Target Price: CAD 130
• Date: July 10, 2024

Scotia Capital has also upgraded CP Rail to an “Outperform” rating with a target price of CAD 130. This shows strong confidence in CP Rail’s future performance, aligning with the positive sentiment towards the rail transport sector.

• Analyst Average Target Price: The average target price among 18 analysts is CAD 117.92 over the next 12 months, indicating an expectation for price appreciation.
• Consensus Analyst Rating: The average analyst rating is “Buy,” suggesting a consensus among analysts that the stock is recommended for investment.
• Stock Target Advisor’s Analysis: Stock Target Advisor considers Canadian Pacific Railway Ltd to be Bullish, with 7 positive signals and 3 negative signals. This analysis reflects an optimistic outlook based on its internal evaluation criteria.
• Recent Stock Performance: As of the last closing, Canadian Pacific Railway Ltd’s stock price was CAD 106.96. It has shown slight fluctuations recently: -0.78% over the past week, +0.63% over the past month, and +3.28% over the last year. Overall, the stock has demonstrated moderate growth over the long term.

Manulife Financial (MFC:CA)

Morgan Stanley:

• Rating: Hold
• Target Price: CAD 35
• Date: July 10, 2024

Morgan Stanley has maintained its “Hold” rating for Manulife Financial, with a target price of CAD 35. This indicates a neutral stance, suggesting that the stock is expected to perform in line with the market.

• Average Analyst Target Price: The average target price among 13 analysts is CAD 34.79 over the next 12 months, indicating an expectation for slight downside from the current price.
• Average Analyst Rating: The average analyst rating is “Buy,” suggesting a consensus among analysts that the stock is recommended for investment.
• Stock Target Advisor’s Analysis: Stock Target Advisor considers Manulife Financial Corp to be Slightly Bearish, with 4 positive signals and 8 negative signals. This analysis reflects a cautious stance based on its internal evaluation criteria.
• Recent Stock Performance: As of the last closing, Manulife Financial Corp’s stock price was CAD 36.74. It has shown positive momentum recently: +1.63% over the past week, +3.23% over the past month, and a significant increase of +50.70% over the last year, indicating strong performance over the long term.

Nvidia (NVDA)

NewStreet Research:

• Rating: Hold
• Target Price: USD 136
• Date: July 10, 2024

NewStreet Research has assigned a “Hold” rating to Nvidia, with a target price of USD 136. This neutral rating implies that Nvidia is expected to perform steadily, with no significant deviations from the market average.

• Average Analyst Target Price: The average target price among 40 analysts is USD 217.86 over the next 12 months, indicating a strong expectation for significant price appreciation.
• Consensus Analyst Rating: The average analyst rating is “Strong Buy,” suggesting a consensus among analysts that the stock is highly recommended for investment.
• Stock Target Advisor’s Analysis: Stock Target Advisor considers NVIDIA Corporation to be Slightly Bullish, with 11 positive signals and 6 negative signals. This analysis reflects a cautiously optimistic view based on its internal evaluation criteria.
• Recent Stock Performance: As of the last closing, NVIDIA Corporation’s stock price was USD 131.38. It has shown notable volatility recently: +7.10% increase over the past week, a significant decrease of -89.13% over the past month, and a remarkable gain of +211.47% over the last year, indicating strong long-term growth despite recent fluctuations.

Tesla (TSLA)

China Renaissance:

• Rating: Buy
• Target Price: USD 282
• Date: July 10, 2024

China Renaissance has maintained its “Buy” rating for Tesla, with a target price of USD 282. This rating reflects continued confidence in Tesla’s growth potential and market position, especially in the dynamic electric vehicle industry.

• Average Analyst Target Price: The average target price among 37 analysts is USD 207.92 over the next 12 months, indicating a potential downside from the current price.
• Consensus Analyst Rating: The average analyst rating is “Buy,” suggesting a consensus among analysts that the stock is recommended for investment.
• Stock Target Advisor’s Analysis: Stock Target Advisor considers Tesla Inc to be Slightly Bullish, with 9 positive signals and 6 negative signals. This analysis reflects a cautiously optimistic view based on its internal evaluation criteria.
• Recent Stock Performance: As of the last closing, Tesla Inc’s stock price was USD 262.33. It has shown significant volatility recently: +13.44% increase over the past week, +47.81% increase over the past month, and a slight decrease of -2.70% over the last year, indicating strong short-term gains but a potential challenge over the longer term.