Analysts are getting even more bullish on market leaders, with more upgrades for NVIDIA and AMD. Firms like Morgan Stanley, TD Cowen, and Citi just raised their price targets, thanks again to progress with artificial intelligence.
Morgan Stanley Reiterated its Overweight Rating on Nvidia
Morgan Stanley is still bullish on NVIDIA (NASDAQ: NVDA | NVDA Price Prediction), noting, “Our thoughts on the stock: We remain positive on the short- and long-term outlook here, and while the market is more optimistic now vs. 3-6 months ago, we still see the stock climbing a wall of worry from here,” as quoted by CNBC.
As we noted just yesterday, Cantor Fitzgerald just raised its price target on Nvidia by $60 to $300 a share, with an overweight rating. The firm believes that artificial intelligence is still in the early innings and could be a substantial driver of Nvidia’s growth moving forward.
TD Cowen Reiterated its Buy Rating on AMD
After a substantial move on its OpenAI deal, TD Cowen raised its price target on AMD (NASDAQ: AMD) to $270 from $195. “After the landmark deal with OpenAI sent shares up 64% on the week, and with its 11/11 analyst day coming, the beat/raise we expect is unlikely to be a major catalyst,” said the firm, as quoted by CNBC.
Analysts at Piper Sandler just raised their price target on AMD to $240 with an overweight rating. “In exchange, OpenAI will receive 160M warrants for AMD stock as specific milestones are achieved over the next five years,” added Piper Sandler.
Citi Just Reiterated a Buy Rating on Oracle
Citi just raised its price target on Oracle (NYSE: ORCL) to $415 from $395 a share with a buy rating.
According to the firm, as quoted by CNBC, “After a historic Q1, ORCL shares have traded off 10%+ from recent highs on concerns around quality of backlog, profitability concerns following a slew of press reports and broader AI bubble/circularity concerns.”
Analysts at Baird also initiated coverage of ORCL with an outperform rating with a price target of $365 a share, citing ORCL’s strong position in the AI story. Analysts at Mizuho reiterated an outperform rating on the stock with a price target of $350. They noted that the stock’s decline is a buying opportunity, as ORCL fell from about $345 to a low of $270.53.
Macquarie Just Upgraded Baidu to an Outperform Rating
Macquarie said it sees “hidden value” in the internet services company, according to CNBC. “We see Baidu (NASDAQ: BIDU) pivoting towards more diversified revenue streams, with positive option value arising from both AI cloud and robotaxis.”
At the moment, the stock is seeing some profit-taking after rallying from about $85 to $150. Once it starts to show signs of bottoming out again, it’s a solid addition to AI investments.
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