Wall Street analysts don’t have a crystal ball that allows them to accurately predict how stocks will perform. They’re not always right. However, they do spend a lot of time crunching numbers to develop price targets for various stocks. Sometimes…
analysts don’t foresee much movement over the near term. But there are some stocks that they believe have so much potential that they’re likely to explode higher. Here are three stocks that Wall Street analysts think will soar 41% to 64% within the next 12 months.
The consensus Wall Street 12-month price target for Skillz (NYSE:SKLZ) is $18. That’s 64% higher than the current share price. Why are analysts so bullish about this gaming stock even after it plunged 75% from highs earlier this year?
For one thing, Skillz continues to deliver sizzling growth. The company reported its 22nd consecutive quarter of revenue growth in the second quarter. Sales soared 52% year over year to $89.5 million. Skillz expects full-year 2021 revenue growth of close to 63%.
Analysts could also like the company’s business development moves. Skillz recently acquired Aarki, which operates an artificial intelligence-based marketing platform for engaging mobile users. It also invested in Exit Games, a German company with a platform for developers to create and host multiplayer games.
Skillz has a couple of other efforts that could provide a spark to its share price in the coming months as well. The company launched its partnership with the National Football League. It also rolled out a mobile version of the old-school arcade game Big Buck Hunter: Marksman.
2. SoFi Technologies
The average analysts’ price target for SoFi Technologies (NASDAQ:SOFI) reflects a 37% premium to the current price of the stock. At least one firm — Jefferies — is even more bullish, initiating coverage this week with a target 47% above the current share price.
Wall Street likes SoFi’s growth. The company generated all-time high net revenue in the second quarter, up 101% year over year. SoFi also posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth consecutive quarter.
That growth should continue. The future opportunities for…
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