Top stock National Instruments (NATI) soared more than 16% to a three-year high after setting up a strategic review that could include a company sale. Copa Airlines’ parent Copa Holdings (CPA) came close to a 52-week high after JPMorgan upgraded the stock. That stock is expected to see earnings grow over 14,000% in the fourth quarter.
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National Instruments makes hardware and software for computer design and testing. It unveiled plans for a potential company sale in a Friday morning news release. Its Relative Strength Rating surged to 75, from 34 Thursday.
“Over the last five years, we have been executing an exciting strategic transformation, increasing our focus on complete solutions for high-growth vertical markets,” said Chairman Michael McGrath.
“In 2023, we are taking the next step in this transformation, with significant improvements in operating efficiencies. Notwithstanding our confidence in NI’s prospects, we believe initiating a strategic review to explore options to maximize value for our shareholders is the right path forward at this time.”
The stock holds a Composite Rating of 86 and an EPS Rating of 81.
Top Stock Breaks Out
Panama-based IBD 50 component Copa jumped more than 6% and broke out of a cup with handle Friday. JPMorgan upgraded the stock to overweight from neutral and raised its target price to 132.
Copa posted four quarters of triple-digit earnings growth between Q3 2021 and Q2 2022. Losing quarters due to Covid impacted year-over-year comparisons but the carrier delivered 316% Q3 2022 EPS growth, lifting earnings to $2.91 per share.
Analysts expect another strong quarter when the airline reports on Feb. 14, with forecasts for 96% earnings growth and an astronomical full-year EPS increase of 14,131%.
That number is expected to drop to a still-strong 26% in 2023.
Source: https://www.investors.com/stock-lists/new-highs/top-stock-national-instruments-and-copa-surge-to-new-highs-on-company-news-analyst-upgrade/?src=A00220&yptr=yahoo