S&P 500   5,051.41
DOW   37,798.97
QQQ   431.10
ASML’s Earnings Could Bring The Stock to New Highs
Stock market today: Asian benchmarks trade mixed amid expectations for US rates to stay high
Kinder Morgan Stock Bid Up In An Oil Breakout
Undervalued UnitedHealth Group Won’t Be For Long
DocuSign and The Case for 66% Upside 
3 Computer Vision Stocks for Long-Term Gains From AI
Closing prices for crude oil, gold and other commodities
S&P 500   5,051.41
DOW   37,798.97
QQQ   431.10
ASML’s Earnings Could Bring The Stock to New Highs
Stock market today: Asian benchmarks trade mixed amid expectations for US rates to stay high
Kinder Morgan Stock Bid Up In An Oil Breakout
Undervalued UnitedHealth Group Won’t Be For Long
DocuSign and The Case for 66% Upside 
3 Computer Vision Stocks for Long-Term Gains From AI
Closing prices for crude oil, gold and other commodities
S&P 500   5,051.41
DOW   37,798.97
QQQ   431.10
ASML’s Earnings Could Bring The Stock to New Highs
Stock market today: Asian benchmarks trade mixed amid expectations for US rates to stay high
Kinder Morgan Stock Bid Up In An Oil Breakout
Undervalued UnitedHealth Group Won’t Be For Long
DocuSign and The Case for 66% Upside 
3 Computer Vision Stocks for Long-Term Gains From AI
Closing prices for crude oil, gold and other commodities
S&P 500   5,051.41
DOW   37,798.97
QQQ   431.10
ASML’s Earnings Could Bring The Stock to New Highs
Stock market today: Asian benchmarks trade mixed amid expectations for US rates to stay high
Kinder Morgan Stock Bid Up In An Oil Breakout
Undervalued UnitedHealth Group Won’t Be For Long
DocuSign and The Case for 66% Upside 
3 Computer Vision Stocks for Long-Term Gains From AI
Closing prices for crude oil, gold and other commodities

3 High-Profile Tech Upgrades Moving The Market Now

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3 High-Profile Tech Upgrades Moving The Market Now

Secular Tailwinds Are Driving These Stocks To New Highs

Secular tailwinds are driving the entire tech sector to new highs. It doesn't matter where you look, but rising demand and low inventories are bringing on a new age for the entire industry. Simply starting with shortages in the chips sector, the ramp in production will provide an opportunity for the tech companies to improve and enhance their offerings in ways the downstream companies can capitalize on.

NVIDIA Moves Higher On A Wave Of Analyst Upgrades

NASDAQ: NVDA has been a fairly high-profile stock all year, if not for the last decade, simply because of the global microchip shortage. The company has received 13 call-outs from the analyst community over the last 6 weeks, all of them bullish, and all including an upgrade or an increase to the price Target. The consensus at the moment is near $674 which implies a bit of downside compared to current price action but the trend in sentiment is decidedly bullish. The most recent analyst nods have the stock trading upwards of $800 with the two most recent setting the Wall Street high.

Both Bank of America and Raymond James have NVIDIA pegged at $900. This implies a 20% upside to the stock that we think is more than reachable. The technicals alone support such a move. Raymond James’ price target increase included a rating upgrade to Strong Buy from Outperform and an expectation for data center Improvement. analyst Chris Caso sees the data centers recovering due to a resumption of enterprise activity coupled with the increasing use of digital assets by global businesses. As for the core business, Caso doesn't see any credible threat to NVIDIA’s AI dominance and neither do we.

Three High-Profile Tech Upgrades Moving The Market Now

Chargepoint Is Electrifying The EV Industry

Start-up ChargePoint NYSE: CHPTis quickly becoming the leader in EV charging stations and solutions for both OEMs and consumers. The company announced two new deals recently that have the already-bullish analysts’ community buzzing even louder. The deals include a partnership with Mercedes-Benz called “me Charge” that provides Mercedes EV drivers access to a frictionless cross-platform charging experience. The second is a portfolio of solutions for fleet-charging needs globally. Based on the assumption that the EV market is going to grow at a 40% to 50% CAGR over the next couple of decades and reach upwards of 50% of the global auto Fleet we view these as very constructive moves and are not surprised to hear the analyst chiming in.

Needham initiated coverage on ChargePoint Holdings with a Buy viewing the company as poised for strong growth. They point out the firm's early mover advantage, capital-light business model, superior offerings, and management team. Jefferies also initiated coverage with a Buy rating calling the firm the leader in the U.S. charging infrastructure and pointing out a clear path to profitability by 2024. The consensus rating for ChargePoint is a Buy with a price target near $36. That assumes a low double-digit upside while the high price target of $46 implies roughly 33% of upside.

Three High-Profile Tech Upgrades Moving The Market Now

Crowdstrike Is Securing The Cloud

Cloud and cloud security are two of multiple hot trends within the tech and internet space and Crowdstrike NASDAQ: CRWD is a leader within the industry. Stifel just upgraded the stock to buy from hold and raised the price target to $300 from $240 following the results of a proprietary survey. The firm surveyed 51 Crowdstrike customers and the feedback was very positive. According to the press release, the results show increasing demand not only for Crowdstrike’s core solutions but also demand for non-traditional workloads. We read that to mean work from home and other remote-work cloud-based solutions. Stifel’s $300 price Target is the Wall Street high and assumes about a 20% upside in this stock. 

Three High-Profile Tech Upgrades Moving The Market Now

Should you invest $1,000 in NVIDIA right now?

Before you consider NVIDIA, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and NVIDIA wasn't on the list.

While NVIDIA currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

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7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Cover

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
NVIDIA (NVDA)
4.6514 of 5 stars
$874.15+1.6%0.02%73.21Moderate Buy$940.30
ChargePoint (CHPT)
1.8966 of 5 stars
$1.51-4.7%N/A-1.21Hold$6.14
CrowdStrike (CRWD)
4.5802 of 5 stars
$299.15-0.1%N/A831.00Moderate Buy$373.29
Compare These Stocks  Add These Stocks to My Watchlist 

Thomas Hughes

About Thomas Hughes

  • tmhughes.writeon@gmail.com

Contributing Author

Technical and Fundamental Analysis

Experience

Thomas Hughes has been a contributing writer for MarketBeat since 2019.

Areas of Expertise

Technical analysis, the S&P 500; retail, consumer, consumer staples, dividends, high-yield, small caps, technology, economic data, oil, cryptocurrencies

Education

Associate of Arts in Culinary Technology

Past Experience

Market watcher, trader and investor for numerous websites. Founded Passive Market Intelligence LLC to provide market research insights. 


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