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According to analysts at Citi, Advanced Micro Devices (NASDAQ: AMD) may be a second source for GPUs right behind Nvidia (NASDAQ: NVDA).
The firm has a buy rating on AMD with a price target of $575, and says AMD will “likely surpass its goal of earnings greater than $20 per share by 2028,” as noted by CNBC.
“We believe Meta will be a significantly larger customer of AMD’s AI products, especially GPUs, than the street is expecting,” added the firm. “We believe the use of custom MI450 GPUs is likely to provide Meta lower TCO vs merchant GPU products.”
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With high hopes that the war with Iran is ending, the S&P 500 is up by 0.52%, or by 38 points. The SPDR S&P 500 ETF (SPY) is up by 0.61%, or by $4.50. The Dow is up by 0.61%, or by 312 points. The Nasdaq is up by 0.54%, or by 158 points. Oil is down $3.50 at $84.21.
Iran just reported that a draft version of the Iran-U.S. memorandum of understanding includes a commitment from the U.S. to lift oil sanctions, as well as a commitment from Iran to reopen the Strait of Hormuz, as noted by CNBC. “A peace deal could be signed in Switzerland as soon as Sunday, Bloomberg reported Friday, citing people familiar with the plans.”
Expected to hit the market today, Elon Musk’s SpaceX IPO will debut under the ticker SPCX. From our understanding, it has a fixed price of $135 a share, which would give it a valuation of about $1.77 trillion. The company is also expected to sell 555.6 million shares.
“History indicates that large IPO issuance occurs during periods of strong equity market sentiment, but the added equity supply can cause some indigestion. Household equity exposure already sits close to an all-time high, which suggests they may sell existing holdings to fund these new positions,” wrote Wells Fargo strategist Douglas Beath, as quoted by CNBC.
Other space stocks, such as Rocket Lab (NASDAQ: RKLB | RKLB Price Prediction), are up by $4.61 in premarket. AST SpaceMobile (NASDAQ: ASTS) is up by $2.83. Redwire (NYSE: RDW) is up about 1%.
Shares of Adobe (NASDAQ: ADBE) are under pressure.
While the company posted better than expected earnings thanks to AI, news that its CFO is battering the stock. Adjusted earnings of $5.96 a share on revenue of $6.62 billion beat analyst estimates of earnings of $5.82 a share on revenue of $6.45 billion.
“Adobe delivered record revenue of $6.62 billion in Q2, reflecting strong AI-driven demand across our customer groups,” CEO Shantanu Narayen said in the earnings release. The company also raised guidance, calling for EPS of between $24.35 and $24.45 a share on revenue of $26.5 billion to $26.6 billion.
While impressive, news that CFO Dan Durn is leaving the company on June 15 to become CFO of Marvell Technology took the stock down in premarket.
As a result, Stifel downgraded the stock to hold from buy, and lowered its price target to $200. Wolfe Research lowered its rating on Adobe to peer perform from outperform. Evercore ISI also downgraded the stock to hold from buy. Its new price target is $225.
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Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
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