Coming out of perhaps the busiest week of the year for earnings, Fed news, and economic data, markets were actually faring decently. While the news about gross domestic product and inflation is depressing for investors, markets appear to be in recovery. And if not, then only a bear-market rally. One thing remains constant –  investors are still looking for upside anywhere they can find it, and one major Wall Street firm has a few big ideas.

Canaccord Genuity has issued a few calls across multiple industries, where it sees significant upside. Considering the current inflationary climate within the market, finding upside is key to keeping pace along with the recovery from the market lows this summer.

It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.

ServiceNow

ServiceNow, Inc. (NYSE: NOW): Canaccord Genuity reiterated a Buy rating on the cloud-computing developer but cut the price target to $510 from $615, implying upside of 14% from the most recent closing price of $448.60. David Hynes was the lead analyst on the call and he said net of currency headwinds, the company’s second-quarter results beat on both the top and bottom lines. This came with some deal cycle elongation at the end of the second quarter, but still saw relatively resilient end-market demand as ServiceNow’s solutions soared to the top in terms of spend prioritization.

The stock traded at around $446 early on Monday, in a 52-week range of $406.47 to $707.60. Shares are down over 31% year to date.

Qualcomm

Qualcomm Inc. (NASDAQ: QCOM): Michael Walkley was the lead analyst on this call and he reiterated a Buy rating and cut the price target to $225 from $250, implying upside of 47% from the most recent closing price of $153.42. Walkley noted that the semiconductor and software maker has a strong 5G leadership position that should not only result in strong share gains with leading smartphone OEMs but also drive strong long-term growth in IoT, RF, and automotive. However, he lowered his price target because of multiple compression.

Qualcomm stock has a 52-week trading range of $118.23 to $193.58, and it traded near $144 a share on Monday. The stock is down 21% year to date. The dividend yield is 2.0%.

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Teladoc Health

Teladoc Health, Inc. (NYSE: TDOC): Canaccord’s Richard Close reiterated a Buy rating but cut the price target to $45 from $50, implying upside of 26% from the most recent closing price of $35.60. Close said that although there are some headwinds and outlook questions, there are positives but there remains risk to 2022 guidance with further economic deterioration.

The stock traded at around $36 on Monday, in a 52-week range of $27.38 to $156.82. Shares are down over 60% year to date.

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