The opening trading months of 2024 have been a rollercoaster, with Wall Street analysts issuing a flurry of new stock ratings. Amid the volatility, a handful of companies are emerging as red-hot plays on Wall Street's radar - though not all are buys according to the pros.
Let's dive into 8 trending stocks catching traders' attention, complete with the latest analyst calls that could determine whether they're buys, holds or sells right now.
SM Energy Company (SM) - Neutral for Now
The independent oil and gas producer focused on the Permian Basin has analysts divided. While Neal Dingmann at Truist slapped a neutral "Hold" rating and $49 price target on SM Energy, the stock's $57.60 consensus price target suggests potential upside of around 16% from current levels.
SM's value rests on execution in the oil-rich Permian Basin, which offers substantial future development opportunities. With ratings firms like TradingView and Barchart giving "Buy" leans, SM could attract buyers if results impress. But the Hold consensus indicates it's not yet a screaming buy.
BlackRock (BLK) - Wall Street Bets on This Asset Manager
As the leading publicly traded investment manager, analysts are backing BlackRock in a big way. William Katz at TD Cowen sees over 30% upside, issuing a $974 price target to go with his Buy rating. The $955.50 consensus from 4 analysts suggests the stock is undervalued by roughly 25% currently.
With strength across product offerings from ETFs to wealth management solutions, BLK's diverse revenue streams and scale position it as an asset management leader. Bullish ratings from TradingView and Barchart only add to the buy case for this Wall Street titan.
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S&P Global (SPGI) - A Top Pick in Financial Data
Oppenheimer's Owen Lau is pounding the table on S&P Global, operator of the famous S&P ratings business and data/benchmarking services. His $486 price target translates to over 25% upside based on the consensus from 5 analysts.
With its tentacles in nearly every segment of the financial industry, SPGI's ratings, analytics and index operations are prized by investors. The stock's Strong Buy rating from Barchart underscores its appeal. As an essential data/analytics provider, S&P Global could prove relatively recession-resistant.
Elanco Animal Health (ELAN) - Mixed Views on This Pet Play
While the animal healthcare company holds a consensus Buy rating, price targets imply just modest upside around 20% - with risks tilted to the downside according to some analysts. David Westenberg at Piper Sandler issued a $16 Hold rating, well below the $19.40 average target.
ELAN is betting on demand for pet products and livestock medicines. But it faces rising costs that could pressure earnings. The Buy rating majority suggests bulls are giving it the benefit of the doubt for now. TradingView's Bullish lean adds a glimmer of optimism, though Barchart sees weakness ahead.
MKS Instruments (MKSI) - Cheap Based on Analyst Targets
This process control solution provider for manufacturing has drawn an avalanche of buy recommendations recently. The $147.60 consensus price target points to potential upside over 50% from current levels, based on Buy ratings from multiple analysts.
MKS's diversified suite powering advanced manufacturing gives it recession resiliency, likely explaining the Street's affection. Barchart's rare Strong Buy rating backs the bullish case. While Wells Fargo was more lukewarm with a Hold rating, the upside thesis is hard to ignore.
Gauzy Ltd. (GAUZ) - Wall Street Bets on Vision Control Tech
Stifel's Matthew Sheerin is bullish on Gauzy's innovative light and vision control technologies, setting a $18 target that implies over 50% upside. At $22 on average, the consensus screams "Buy" for this small-cap disruptor.
Gauzy's focus on high-tech automotive glass and building materials position it at the intersection of key growth trends. While the ratings firms have yet to weigh in, analysts clearly see long-term potential for this niche technology leader.
Birkenstock (BIRK) - Footwear Brand Steps Up As a Buy
Newly public Birkenstock hasn't wasted time accumulating Street support. Paul Lejuez's $65 price target at Citi aligns with the $70.20 consensus pointing to big upside - already approaching 50% based on its sub-$50 share price.
The iconic sandal and shoe brand boasts pricing power, growth opportunities and a loyal following, explaining the enthusiasm. Conservative investors may want to see quarterly execution first. But contrarians could look to get in early on this footwear cult classic.
Xinyi Solar (XNYIF) - Mixed Ratings for Renewable Energy Play
With scant details provided, this renewable energy company has drawn mixed reviews so far. While Citi analyst Air Ma issued a Buy rating, the consensus sits at a tepid Hold based on a $0.70 average target just modestly above current prices.
Solar stocks have faced volatility amid policy shifts, potentially explaining the caution. However, accelerating renewable adoption could reinvigorate interest if demand stays strong. Investors may want to wait for more concrete signals before taking a position.
There's no shortage of investable themes and trading opportunities covered in this batch of stocks. From emerging tech disruptors to old-school brands, these stocks could move quickly if estimates and expectations are surpassed. Stay tuned as earnings hit for potential fireworks and fresh analyst reactions!