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It was so nice seeing the family last week and having some time off. I’m so grateful for those times. I caught covid but feel fine enough to trade and watch the markets. As long as things don’t get too bad Ill be here all week.
Lets dig in…
Executive Summary
Oppenheimer raises S&P 500 year-end target to 5900 from 5,500; Piper Sandler’s AI/ML model predicts a 68% chance of U.S. recession by Q4.
Several tech companies, including Apple, Microsoft, and Nvidia, see notable stock movements driven by new strategies and analyst ratings.
Noteworthy upgrades and downgrades from major firms impact stocks like Domino’s Pizza, Gilead, Texas Instruments, and more.
Key developments in sectors including clean energy and artificial intelligence could drive market trends.
Market Overview
Oppenheimer has raised its year-end target for the S&P 500 to 5900 amid a highly anticipated earnings season. Concurrently, Piper Sandler predicts a 68% chance of a U.S. recession by Q4, referencing the Sahm Rule as a key indicator.
Key Market Drivers
Nvidia (NVDA): UBS raises PT to 150 from 120, citing strong demand momentum supported by recent supply chain checks.
Apple (AAPL): Doubling down on new technologies with TSMC’s advanced processes and being mandated for work in China, but downgraded by Guggenheim.
Texas Instruments (TXN): UBS raises PT to 250 from 195 based on improved orders in the analog sector.
Bitcoin Miners: Shares rise as Bitcoin recovers, now trading above 57k.
Stock Spotlight
Apple Inc. (AAPL): Utilization of TSMC’s advanced 3nm process and a mandate by MSFT for use in China drives premarket gains. However, Guggenheim downgrades the stock to Sell with a PT of 640.
Texas Instruments (TXN): Upgraded PT by UBS to 250 from 195 due to expected above-normal seasonal improvements in the September quarter.
Domino’s Pizza (DPZ): Upgraded to Outperform by Baird with a new PT of 580 from 530, bolstered by confidence in the “Hungry for MORE” strategy.
Roblox Corp. (RBLX): Wells Fargo raises PT to 43 from 41, encouraged by positive traffic data and recovery in engagement.
Tesla Inc. (TSLA): Battle against high short positions; false rumors about Uber’s founder leading the robotaxi division.
Other Magnificent 7 Updates
Microsoft (MSFT): Instructed China staff to switch to iPhones from Android.
Nvidia (NVDA): UBS raises PT to 150, driven by strong demand.
Tesla (TSLA): Rebuttal of rumors regarding the hiring of Uber’s founder for the robotaxi division.
Other Notable Company News
Boeing (BA): Pleads guilty to one charge of conspiracy to defraud the United States for its role in two fatal 737 Max crashes
Paramount Global (PARA): Agrees to merge with Skydance Media in an $8B deal.
Corning Inc. (GLW): Prelim core sales beat estimates, driven by the adoption of new optical connectivity.
Gilead Sciences (GILD): Upgraded to outperform by Raymond James, citing promising study data on lenacapavir in HIV.
Sector Watch
Clean Energy (FSLR, SEDG): Favorable outlook for First Solar and SolarEdge with reiterations and upgrades despite potential political challenges.
Semiconductors (TSM, INTC): Apple and Intel developments push TSMC’s premarket performance.
Bond Market
No significant updates for today’s bond market.
Policy Watch
Piper Sandler’s AI/ML model highlights a 68% likelihood of a U.S. recession by Q4, drawing attention to the Sahm Rule.
Happy Monday everyone!
-JB
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