Goldman Sachs Boosts Price Targets on 4 Strong Buy-Rated Stocks

With August almost over and the back-to-school season upon us, the lion’s share of the outstanding second-quarter earnings results have been posted, and analysts and investors on Wall Street are very satisfied with the results. While many investors remain very nervous, especially given the continuing big rally off the market lows, and the lack of a 5% correction in almost a year, the “buy the dip” crowd continues to hold serve, at least for now.

In a series of new reports, Goldman Sachs raised the price targets on some companies that delivered the goods in a big way. Given the increases in price targets, they look to still have some very solid upside potential. Here we spotlight four of those stocks, which are all rated Buy at the firm. Remember that no single analyst report should be used as a sole basis for any buying or selling decision.
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Agilent

This stock has been on fire and is a solid holding for growth investors with a degree of risk tolerance. Agilent Technologies Inc. (NYSE: A | A Price Prediction) provides application-focused solutions to the life sciences, diagnostics and applied chemical markets worldwide.
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Its Life Sciences and Applied Markets segment offers liquid and gas chromatography systems and components; liquid and gas chromatography mass spectrometry systems; inductively coupled plasma mass and optical emission spectrometry instruments; atomic absorption instruments; microwave plasma-atomic emission spectrometry instruments; raman spectroscopy; cell analysis plate-based assays; flow cytometer; real-time cell analyzer; cell imaging systems; microplate readers; laboratory software, information management and analytics; laboratory automation and robotic systems; dissolution testing; vacuum pumps; and measurement technologies.

The Diagnostics and Genomics segment provides arrays for DNA mutation detection, genotyping, gene copy number determination, identification of gene rearrangements, DNA methylation profiling and gene expression profiling, as well as sequencing target enrichment, genetic data management and interpretation support software. It also provides equipment to produce synthesized oligonucleotide.

The Agilent CrossLab segment provides GC and LC columns, sample preparation products, custom chemistries and laboratory instrument supplies, as well as startup, operational, training, compliance support, software as a service, asset management and consultation services.

Investors receive just a 0.43% dividend. The $150 Goldman Sachs price target was lifted to $170. The Wall Street consensus target is $149.87, and Agilent Technologies stock closed on Monday at $170, so the price target may go even higher soon.

BJ’s Wholesale

This is the newest entrant to the discount superstore club, having gone public back in 2018. BJ’s Wholesale Club Holdings Inc. (NYSE: BJ) operates warehouse clubs on the east coast of the United States. It offers perishable, edible grocery, general merchandise and non-edible grocery products, as well as gasoline and other ancillary services. The company also sells its products through its website and mobile app. As of June 30, 2021, it operated 221 warehouse clubs and 151 gas locations in 17 states.

Last week, the membership-based warehouse retailer reported fiscal second-quarter profit and sales that rose above expectations and surprise growth in same-store sales. Net income rose to $111.0 million, while adjusted earnings per share rose by a dime to $0.82, beating the FactSet consensus estimate.

Goldman Sachs raised its $49 price target to $59, well above the $42.05 consensus target for BJ’s Wholesale Club stock. Monday’s closing print was $54.90.
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This cryptocurrency trading company has been on a wild ride since going public with a direct listing. Coinbase Global Inc. (NASDAQ: COIN) provides financial infrastructure and technology for the cryptocurrency economy.
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The company provides a primary financial account for the cryptocurrency economy, a platform to invest, store, spend, earn and use crypto assets. It provides an online marketplace for hedge funds, money managers and corporations, as well as a platform with technology and services to developers, merchants and asset issuers that enables them to build applications that leverage cryptocurrency protocols. It serves retail users, institutions and ecosystem partners.

Goldman Sachs loves the company and noted this when it started coverage earlier this year:

While we believe the core business today offers an attractive growth profile with the potential to drive high levels of profitability, we see significant white space for new initiatives to drive more stable and recurring revenue streams to complement the core trading business over the longer term. If meaningful parts of the economy can transition to blockchain and crypto-native technology over time we see significant opportunity for [Coinbase] to benefit from its status as a critical element of the financial infrastructure for the ecosystem.

The new Goldman Sachs price target is $337, up from $298. The consensus is still higher at $370.67. Coinbase Global stock closed at $256 on Monday.
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Deere

With a massive infrastructure plan coming, one way or another, equipment company products will be in demand, and Deere & Co. (NYSE: DE) is a leader. It is the largest manufacturer/distributor of agricultural equipment worldwide, with leading market shares in large farm-equipment segments. The company’s three main areas are:

1. Agriculture and Turf (farm equipment, lawn and garden, other outdoor products)
2. Construction and Forestry (construction, earth-moving, material-handling and timber-harvesting equipment)
3. Credit (financing)

The Construction and Forestry segment, which should benefit the most from an infrastructure push, offers a range of machines and service parts, including backhoe loaders; crawler dozers and loaders; four-wheel-drive loaders; excavators; motor graders; articulated dump trucks; landscape loaders; skid-steer loaders; milling machines; recyclers; slipform pavers; surface miners; asphalt pavers; compactors; tandem and static rollers; mobile crushers and screens; mobile and stationary asphalt plants; log skidders; feller bunchers; log loaders; log forwarders; and log harvesters and related logging attachments.

Shareholders receive a 1.07% dividend. Goldman Sachs raised its price target on Deere stock to $480 from $430. The $405.89 Wall Street consensus target is much lower. On Monday, shares popped up over 3% to close at $362.80.
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These four top companies are hitting on all cylinders, have earnings out of the way for the quarter and their stocks look poised to head higher the rest of 2021. With the seasonally weak time of the year almost upon us, it may make sense to buy partial positions and look to scale in more capital if we get a sell-off.