Tactical Bulls are having a harder time finding reliable themes and sectors for much upside in 2025. There are still opportunities, but they are generally much more selective. Stocks have bounced handily in the last week but the S&P 500 is still down close to 6% so far for the year. The gains from the “Trump Bump” have all given way to larger macro issues daily tariff news, trade wars, China, international selling of U.S. stocks and bonds, higher interest rates, spending deficits, a $36.2 trillion accumulated deficit, no rate cuts to be seen and a generally weakening economy.

Tactical Bulls tracks wall Street analyst upgrades and downgrades for new ideas that might otherwise have been missed or overlooked. Even after weeks of selling and even with earnings season here, the current trend is for analysts to downgrade stocks or for them to cut their price targets even when they maintain positive Buy or Outperform ratings. A review of the top sectors by ETF performance will show how hard it has been to get gains in 2025.

It is interesting that some analysts are still upgrading stocks or initiating coverage as Buy and Outperform. In order to count as a true analyst upgrade, analysts have to start with a much higher price target or they have to raise their price targets. Many calls we have seen come with a rating upgrade but only the same or a lower price target based on slower growth and lower stock prices. This means many “analyst upgrades” are not really as bullish as they might have been at the start of 2025.

Tactical Bulls always reminds its readers that no analyst call should ever be the sole reason to buy or sell a stock. Investors need to consider other factors and their own suitability. No analyst report has even been issued with a money-back guarantee and no report will ever include a guarantee of profits. These are the fresh analyst calls with upgrades and/or raised price targets issued on April 28. And as you will see, some of the reports can still move the underlying stocks even if some did not move or fell on the same day.

GENERAL/INDIVIDUAL CALLS

ARMOUR Residential REIT, Inc. (NYSE: ARR) is a mortgage-REIT (MBS) that offers an 18% current dividend yield. Janney raised its rating to Buy from Neutral and it has $18 fair value estimate. ARMOUR was trading up over 2% at $16.35 after the call. This was a $19 stock in March but it had fallen as low as $13.50 during the peak selling pressure earlier in April.

Boeing Co. (NYSE: BA) has a lot of tariff exposure and we have already seen China stop orders and return planes. Bernstein decided to raise Boeing to Outperform from Market Perform and to raise its price target to $218 from $181 after its earnings report. According to the firm, Boeing is finally making progress for growth again and the guidance for plane sales was above its expectations.

Celldex Therapeutics, Inc. (NASDAQ: CLDX) was started with a Buy rating at Canaccord Genuity, and the firm’s $64 price target implies a whopping 200% upside if its scenario plays out. After closing at $19.57 on Friday, the stock was up over 8% at $21.15 late on Monday. The late-stage immunology and inflammation targets have a lead drug called barzolvolimab that addresses two key opportunities within a pipeline from the same drug.

Charter Communications, Inc. (NASDAQ: CHTR) was reiterated as Buy and its price target was raised to $540 from $525 (versus $373.65 prior close) in the call. Pivotal’s post-earnings report reflects Charter’s more aggressive approach around its converged offerings, as well as solid operating strategies and a simple customer pricing structure that was reflected in its recent better-than-expected first quarter earnings.

Cognex Corporation (NASDAQ: CGNX) was raised to Buy from Hold and its price target was raised to $35 from $30 at TD Cowen. With a prior close of $26.16, Gognex’s 52-week range of $22.67 to $53.13 will show how much it has fallen, TD Cowen believes enough bad news is now in the shares and that management is starting to issue positive talking points and should see strategic shifts happening soon — while its negative headline risk and tariff fears have probably peaked. Cognex was up 2.7% at $26.85 after the call.

Evergy, Inc. (NASDAQ: EVRG) was raised to Buy from Neutral and its price target was hiked to $78 from $68 at UBS, up from a prior $67.88 close. UBS sees an improving regulatory situation and discounted valuation creating an attractive entry point for new investors. The electric utility player’s 52-week range is $51.90 to $70.30 and its dividend yield is 3.9%.

Gildan Activewear Inc. (NYSE: GIL) was initiated with an Overweight rating and assigned a $51 price target versus its prior $42.50 close. The stock was not higher toward the end of the first day of the call but had traded above $43.00 initially. Barclays see it relatively better positioned than other apparel makers to absorb the tariff costs. This is from a combination of no China sourcing, and innovation via Plasma Print technologies and Color Comfort to help command higher prices and against cost pressures.

Progressive Corp. (NYSE: PGR) was raised to Buy from Neutral and its price objective was raised to $312 from $297 at BofA Securities. BofA downgraded Progressive earlier in April and its stock has dropped 8% since that call. Its March earnings report included that it added 572,000 personal auto customers and the new price target shows over 20% implied upside.

Quantum Computing Inc. (NASDAQ: QUBT) was reiterated as Buy and its price target was raised to $14 from $8.50 at Ascendiant Capital Markets. This call implies a stock that can double if the upside from quantum computing proves to be true. While the company reported slower revenues and has wide losses with higher Compute spending, the big picture offers larger opportunities with several new products targeted on top of its flagship Qatalyst suite for high-computing. Quantum’s Arizona foundry is also expected to offer another line of revenues ahead rom lots of new orders. At $7.13, the highly speculative QUBT has a 52-week trading range of $0.35 to $27.15.

Tri Pointe Homes, Inc. (NYSE: TPH) has a lot of economic exposure as a homebuilder and its stock at $30.30 has lost more than one-third of its value from its 52-week high of $47.78. Wedbush Securities has upgraded TRI Pointe to Outperform from Neutral and raised its price target to $43 from $38. The firm sees its ongoing stock buybacks and reasonable 2025 guidance facing resilient demand from move-up and active adult buyers. The firm also believes that its problems from 2024 will not be ongoing thru the end of 2026.

Verona Pharma plc (NASDAQ: VRNA) was started as Buy with a $100 target price at TD Cowen. The firm noted that its Ohtuvayre’s is seeing strong demand and its sales target of $340 million in 2025 will eventually see sales peak at $3.9 billion. The firm sees multiple upside levers here. Its stock was up 5% at $68.95 after the strong target was issued. Verona has a 52-week range of $11.39 to $70.40.

ANALYSTS GOING AFTER BANKING STOCKS

Bank of America Corp. (NYSE: BAC) was reiterated as Outperform and its target was raised to $51 from $50 at Oppenheimer.

Citigroup, Inc. (NYSE: C) was reiterated as Outperform and its target was raised to $94 from $91 at Oppenheimer.

U.S. Bancorp (NYSE: USB) was reiterated as Outperform and its target was raised to $59 from $57 at Oppenheimer.

Zions Bancorp (NASDAQ: ZION) was raised to Buy from Hold with a $55 price target at Argus.

SUSQUEHANNA POSITIVE ON LIVE ENTERTAINMENT NAMES

Susquehanna’s Joseph Stauff initiated coverage of multiple live venue type stocks with positive ratings and upside ahead:

Liberty Formula One (NASDAQ: FWONK) started as Positive with a $115 price target (versus $87.63 close).

Live Nation Entertainment, Inc. (NYSE: LYV) started as Positive with a $155 price target (versus $132.76 close).

Madison Square Garden Sports Corp. (NYSE: MSGS) started as Positive with a $254 price target (versus $192.16 close).

Madison Square Garden Entertainment Corp. (NYSE: MSGE) started as Positive with a $39 price target (versus $32.66 close).