Growth in long-term fundamentals should outweigh short-term headwinds for HP , according to Bank of America. The bank double upgraded shares of the technology company to buy from underperform rating on Tuesday. It also lifted its price target to $33 from $25. The new forecast points to more than 28% upside potential from HP’s Monday closing price of $25.67. Shares of HP are down more than 4% since the start of the year. The stock has also fallen 23% since hitting a closing high for the year...

Hesai , the builder of lidar technology used in self-driving cars, could be in for strong gains after selling off following its U.S. initial public offering, according to Bank of America. The bank initiated coverage of Hesai with a buy rating and a price of $14.80. That implies an upside of more than 45% from Thursday’s close. Hesai’s U.S.-listed shares debuted in February. Since then, the stock has fallen more than 46%. Despite the sell-off, analyst Jessie Lo thinks the company “deserves a...

Cooling inflationary pressures and strengthening home values are likely to spell a recovery for home improvement retailers sooner rather than later, according to Bank of America. Although the firm’s indicator for the home improvement industry still came in negative for August 2023, the signal ticked up from its July reading. “This gives us conviction that the weak sales trends cited by home improvement retailers in 1H23 are now in the rearview mirror … with recovery in YoY sales growth in...

Bank of America still sees major upside ahead for Nvidia , despite the stock’s massive year-to-date rally and a series of recent cyclical headwinds that have impaired the semiconductor industry. Pointing to the firm’s “underappreciated” pipeline of generative artificial intelligence products, analyst Vivek Arya reaffirmed Nvidia as his top sector pick in a Monday note. Based on his price objective of $650 per share, Arya’s forecast implies nearly 44% upside from Monday’s closing price of...