Wall Street Is Boosting Price Targets for These Portfolio Holdings
Some of the biggest holdings in our portfolio have seen their price targets lifted.
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*Wall Street lifted its price targets for Bank of America, Costco and Nvidia
*Comments point to improving 2H 2024 prospects for ServiceNow and Amazon
While we wait for Fed Chair Powell’s morning appearance on Tuesday, let’s catch up on some portfolio-related news.
Bank of America BAC: On Monday, we boosted our BAC price target to $43, and this morning Seaport Research ups its rating to "buy" from "neutral" with a $48 target. We’ve been on record saying we may need to revisit our fresh BAC target based on continued strength in the IPO and mergers and acquisitions markets.
ServiceNow NOW: Keybanc lowered it price target to $920 from $950 but kept its overweight rating on the shares. The firm sees IT budget growth backloaded for this year, and some budget acceleration in 2025. We’ll revisit our $840 NOW target as we collect IT spending budget comments for 2H 2024 made in the upcoming June quarter earnings season.
Amazon AMZN: Our shares have been strong lately, with many pointing to digital shopping taking consumer wallet share, continued cloud growth and more than a dash of AI thrown into the mix. Over the last several years, the company’s International business has been a drag on its operating profits, but a report in The Financial Times suggested that segment could turn an annual profit this year. Likely, the combination of cost-cutting measures and consumer demand would be a welcome pivot that could lead us and others to revisit 2H 2024 EPS expectations for Amazon and our price targets when Amazon reports its June quarter results.
Costco COST: Costco's price target was boosted to $900 from $850 at Stifel with the firm citing scanner data indicating the company is taking share in the U.S. grocery segment.
Nvidia NVDA: Morgan Stanley boosted its price target for Nvidia to $144 from $116. "Better late than never" is our view on this. Catalysts that could lead us to revisit our $132 price target for NVDA shares include Taiwan Semiconductor’s TSM June revenue report and June quarter earnings season capital spending comments from AMZN, Alphabet GOOGL, Microsoft MSFT and Meta META.
At the time of publication, TheStreet Pro Portfolio was long BAC, NOW, AMZN, COST, NVDA, GOOGL and MSFT.
