Wall Street Continues to Warm Up to Our Portfolio Holdings

* Wall Street lifts its price targets for Qualcomm, Microsoft, Google, Amazon, and The Trade Desk.

While we wait for Lockheed Martin's LMT earnings call and sift through this morning’s earnings reports, we are also seeing another round of price target increases from Wall Street firms for several of our holdings.

Baird raised the firm's price target on Qualcomm QCOM to $250 from $200, kept an Outperform rating on the shares, and added them as a "Bullish Fresh Pick." Our view has been Qualcomm is well-positioned for the AI on-device upgrade cycle. Baird’s channel checks point to a 90 million-plus procurement units estimate for the upcoming iPhone 16 and above-expectation initial shipments of X Elite for Copilot+ PCs.

Piper Sandler boosted its price target on Microsoft MSFT to $485 from $465, reiterating its Overweight rating for the shares. Piper sees the next $100 billion in cloud revenue coming in just three years but joins us in being a little concerned about potential over-ordering when it comes to AI in the near term given supplier stockouts. Longer-term, Piper joins the growing number of folks calling for multi-year spending from Microsoft on data center as it will look to double its cloud revenue to $200 billion-plus by the end of its 2026 fiscal year. Such spending would be a long-term driver for our shares of Nvidia NVDA, but also Marvell MRVL given its AI chip relationship with Microsoft.

Morgan Stanley boosted its price targets for Alphabet GOOGL and Amazon AMZN to $210 and $240, respectively, from $195 and $220.

Morgan also upped its Trade Desk TTD target to $110 from $100 as did BTIG from $98. BITG echoes our thoughts from yesterday that digital advertising should accelerate with the 2024 election cycle helping fuel mid-to-high single-digit growth.

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At the time of publictaion, TheStreet Pro Portfolio was long QCOM. MSFT, GOOGL, AMZN, TTD, MRVL, NVDA and LMT.