Wall Street turned notably bullish on tech hardware names this week. The upgrades and target price hikes tell a clear story.
SanDisk Corporation grabbed the most attention. RBC Capital lifted its target to $1,600 from $1,300. Wells Fargo followed hours later, raising its mark to $1,550 from $1,400. Both kept Hold ratings, but the size of the moves — up to $300 a pop — signals growing confidence in the storage giant's outlook.
Dell Technologies also scored a boost. Wells Fargo's Aaron Rakers raised his target to $545 from $505, keeping a Buy. Dell carries $244bn in market cap and is riding the AI server wave.
Applied Materials saw TD Cowen initiate coverage with a Buy at $700. The consensus average target ticked up to $638 as well. Semis equipment names have been in demand all year.
On the consumer side, JP Morgan upgraded both J.M. Smucker and Hormel Foods. Smucker's target jumped to $139 from $125. Hormel got a nudge to $26 from $25.
One notable downgrade: JP Morgan's Chigusa Katoku cut Honeywell to Hold, trimming the target to $255 from $262. The move bucks the broader bullish tone.
FICO saw its consensus target edge up to $1,476. Its short interest sits at 8.6% of free float — worth watching if momentum builds.
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