Analysts' Scramble to Boost Price Targets on S&P 500 Tech Stocks

Analysts are in a frenzy to enhance the price targets of S&P 500 tech newcomer Palantir Technologies (PLTR). However, it is not the only stock experiencing such attention. In fact, ten S&P 500 stocks, including Axon Enterprise (AXON), Tapestry (TPR), and Palantir, have seen significant hikes in their 12-month price targets by 20% or more in the past month, as revealed by an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge.

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Axon Enterprise: The Object of Largest Price Target Hikes

Security equipment maker Axon Enterprise has become the center of attention with analysts boosting its 12-month price target by nearly 40% in the past month to 546.15. Surprisingly, even the bullish analysts struggle to keep up with the stock's performance. Shares of Axon Enterprise have surged 137% this year to more than 611 per share, meaning it has already exceeded analysts' raised estimates by nearly 12%. The stock holds a 98 RS Rating, and analysts anticipate a 23% increase in profit in 2024 and 21% in 2025.This significant price target hike showcases the market's growing confidence in Axon Enterprise. The company's innovative security solutions and strong market position have likely attracted the attention of analysts. The rapid increase in the stock price indicates that investors are optimistic about its future prospects.

Palantir's Price Target Surge

Palantir, a data privacy firm, has also witnessed a remarkable price target hike. Analysts bumped up the price targets by 33% in the past month to 37.20. Following a powerful 262% rally this year to 62.16, the stock is now 67% higher than the previous target. The rally has pushed Palantir's RS Rating to a perfect 99, indicating its strong performance. Analysts believe the company's profit will rise 51% this year and 23% in 2025.Palantir's success can be attributed to its advanced data analytics capabilities and its ability to provide valuable insights to various industries. The increasing demand for data privacy and analytics has likely contributed to the stock's impressive performance.

Tapestry: Still Trading Below Target Price

Tapestry, a seller of high-end apparel and accessories, is still trading 11% below analysts' target price of 62.41 despite a 51.7% rally this year. The stock boasts an RS Rating of 93, suggesting its strong performance. Analysts have upped the price target by 27% to keep pace with the stock's rally. Profit is expected to rise 11% this year.Although Tapestry has shown significant growth, it still has some catching up to do in terms of reaching analysts' target price. The company's focus on high-end fashion and its brand recognition have likely contributed to its performance.Clearly, analysts' bullishness towards these stocks is a significant indicator of the market's sentiment. While some stocks have already exceeded analysts' expectations, others are still working towards reaching those targets. The varying degrees of price target hikes highlight the diversity and complexity of the market.Sources: IBD, S&P Global Market Intelligence