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Stock splits are all the rage on Wall Street this year, as evidenced by the growing number of companies engaging in them. These maneuvers are usually only undertaken after years of strong financial and operating results have driven a company's stock price out of reach of some smaller investors. It's worth noting that while a stock split is merely a cosmetic change, it can make it easier for employees and other retail investors to buy shares, which is often the reason cited by management for performing one.

More important to investors, however, should be the results that precede a split. In general, strong businesses tend to continue their winning ways, providing investors with an ongoing incentive to buy the stocks. So let's take a look at three companies that have more upside ahead, according to select Wall Street analysts.

Nvidia: Highest price-target upside, 56%

Nvidia (NASDAQ: NVDA) has long been the undisputed champion of the graphics processing units (GPUs) powering video games, cloud computing, and data centers. As a result, it was well positioned when generative artificial intelligence (AI) burst on the scene in early 2023 and propelled demand for its highest-end chips into the stratosphere.

Nvidia's GPUs can provide the computational horsepower necessary to train and run large and complex large language models and other AI systems -- and their sales are booming.

In its fiscal 2025 first quarter (which ended April 28), Nvidia's revenue jumped 262% year over year to a record $26 billion, propelling its earnings per share (EPS) up 629% to $5.98. Chips used for AI had the biggest impact: Revenue from its data center segment -- which includes AI processors -- jumped by 427% to $22.6 billion.

Nvidia's recent 10-for-1 stock split has captivated the imagination of investors. Even after the stock has gained more than 200% over the past year (as of this writing), some on Wall Street remain incredibly upbeat. Among the Wall Street analysts covering the stock, Rosenblatt's Hans Mosesmann is the company's biggest bull, with a buy rating and $200 price target, which would amount to upside of 56% from Monday's closing price.

The analyst cites accelerating demand for AI chips and Nvidia's integrated software, which fuels its top-shelf performance. "We anticipate this software aspect will significantly increase in the next decade in terms of overall sales mix, with an upward bias to valuation due to sustainability," Mosesmann wrote. This suggests that Nvidia's market cap will climb from its current level around $3 trillion to $5 trillion over the next year or so.

He's far from alone in his bullishness on Nvidia. Of the 57 analysts who offered an opinion on the stock in June, 53 rated the stock a buy or strong buy, and none recommended selling.

Celsius Holdings: Highest price-target upside, 75%

Celsius Holdings' (NASDAQ: CELH) approach to energy drinks focuses on healthier alternatives, and it is carving out market share in a fast-growing and profitable niche. It has quickly ascended the ranks to become the third-largest energy drink brand and conducted a 3-for-1 stock split late last year following a long period of robust growth.

Furthermore, while rivals Red Bull and Monster Beverage have struggled, Celsius has been stealing share -- it nabbed 47% of all growth in the energy drink category in the first quarter. Notably, over the past three years, even as the broader beverage industry has contracted, the energy drink category has continued to grow -- and Celsius has been driving that trend.

In the first quarter, revenue grew 37% year over year to $356 million, while diluted EPS soared by 108%. Celsius faces tougher comps this year as its sales more than doubled in 2023, the result of its partnership with PepsiCo. The beverage giant made a $550 million investment for an 8.5% stake in Celsius, and supercharged its distribution.

Over the past month, the stock has shed 23% of its value on concerns about slowing growth. However, some on Wall Street view this slump as a buying opportunity. Jefferies analyst Kaumil Gajrawala maintains a buy rating and a $98 price target on the stock -- 75% higher than Monday's closing price. The analyst noted the slower growth is "normal in year two of [a] national distribution" agreement and recommends that investors disregard the "near-term noise."

Sirius XM Holdings: Highest price-target upside, 100%

Sirius XM Holdings (NASDAQ: SIRI) is the undisputed satellite radio leader in North America. It boasts 34 million paid subscribers and 150 million total listeners when including its ad-supported Pandora music streaming service -- an audience that's unmatched.

The macroeconomic headwinds of the past couple of years, including higher-than-usual inflation, have weighed on the stock, which is down 41% thus far in 2024. Furthermore, investors are having an unjustified knee-jerk reaction to Sirius XM's upcoming third-quarter merger with Liberty Sirius XM (NASDAQ: LSXMA), its tracking stock, and the resulting reverse stock split. While a reverse stock split is typically a sign of trouble, in this case, it's a necessary corporate action as part of the upcoming acquisition, which will bring all its shareholders under one "roof."

In the first quarter, revenue climbed 1% year over year to $2.16 billion, while EPS jumped 17% to $0.07. Its improving metrics were fueled by record ad revenue, the result of an ongoing recovery in the broader advertising space. While its paid subscribership declined by nearly 2%, the impact of that was partially offset by an increase in average revenue per subscriber.

In the wake of the stock's 27% decline over the past year, some on Wall Street believe the selloff has gone too far. Benchmark analyst Matthew Harrigan leads the bull camp on Sirius XM, with a buy rating and a price target of $6.50 on the stock. That's 100% higher than Monday's closing price. Harrigan points to a market disconnect in advance of its upcoming merger with Liberty Sirius XM, as well as a "gaggle of strategic initiatives" undertaken by management as having the potential to drive growth.

This uncertainty has led to a similar disconnect between the business and its valuation. Sirius XM currently trades for less than 10 times earnings, a ratio that suggests almost no growth ahead. Yet the improving U.S. economy should boost Sirius XM's growth rate, which could act as a catalyst for a stock price rally.

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Danny Vena has positions in Monster Beverage and Nvidia. The Motley Fool has positions in and recommends Celsius, Monster Beverage, and Nvidia. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.