Tech

Alphabet, Nvidia, First Solar Targets Raised by Analysts

Analysts raise price targets for Alphabet to $225, Nvidia to $150, and First Solar to $344 amid positive outlooks.

By Alex P. Chase

6/11, 08:28 EDT
Apple Inc.
AppFolio, Inc.
Broadcom Inc.
Confluent, Inc.
Cleveland-Cliffs Inc.
Ford Motor Company
First Solar, Inc.
Alphabet Inc.
NVIDIA Corporation
Shopify Inc.
Tesla, Inc.
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Key Takeaway

  • Evercore ISI raised Alphabet's (GOOGL) price target to $225, citing strong survey results and maintaining its outperform rating.
  • Oppenheimer increased Nvidia's (NVDA) price target to $150, highlighting its leading position in AI hardware and software solutions.
  • Baird raised First Solar's (FSLR) price target to $344, noting its potential as a play on the rise in AI/data centers.

Analyst Ratings and Price Targets

On Tuesday, several major Wall Street firms issued updates on their stock ratings and price targets for various companies. Evercore ISI reiterated its outperform rating on Alphabet, raising its price target to $225 per share from $220. "In the wake of proprietary survey work, we are reiterating our Outperform on GOOGL and modestly raising our PT to $225 (implying almost 30% upside). GOOG remains one of our Top Picks in Large Cap 'Nets," Evercore stated.

Morgan Stanley maintained its overweight rating on Apple following the company's Worldwide Developers Conference. "WWDC delivered slightly ahead of our expectations, with important building blocks in place for Apple to drive a multi-year device refresh starting in FY25," Morgan Stanley noted.

JPMorgan downgraded Cleveland-Cliffs to neutral from overweight, citing weakening fundamentals. "Downgrading to Neutral ($17 PT) on Weakening Fundamentals, Rising Capex Needs, and Lack of N-T Growth," JPMorgan explained.

Oppenheimer reiterated its outperform rating on Nvidia and raised its price target to $150 per share from $110 following the stock split. "We see NVDA as best positioned in AI, benefiting from their full stack AI hardware, networking, and software solutions. We're raising our target to $150 from $110 (split-adjusted)," Oppenheimer commented.

Sector-Specific Insights

Morgan Stanley reiterated Ford as a top pick, emphasizing the need for changes in the company's EV strategies. "We believe Ford is demonstrating increasing understanding that its current EV strategies have to change materially," Morgan Stanley stated.

Baird reiterated its outperform rating on Tesla ahead of the company's shareholder meeting. "The annual meeting of shareholders will be held this Thursday during which we expect Musk’s pay package to be ratified by shareholders. While this does not guarantee an end to the saga initiated by the Delaware court’s decision in January, we believe reapproval would reduce an overhang on the stock and alleviate some worries about Musk’s attention to TSLA," Baird noted.

Baird also raised its price target on First Solar to $344 per share from $246. "FSLR is a backdoor way to play the rise in AI/data centers as hyperscalers seek power away from the grid, and we expect shares to continue recent strength," Baird explained.

Evercore ISI initiated coverage on Confluent with an outperform rating, highlighting the company's leadership in the data streaming market. "We believe CFLT is the runaway market leader in the nascent $60bn+ (and growing) data streaming market, and we remain in the early innings of companies leveraging real-time data across their organizations as part of their data modernization and GenAI strategies," Evercore stated.

New Coverage and Upgrades

Cantor Fitzgerald initiated coverage on Bitdeer Technologies with an overweight rating and a $13 price target. "We are initiating coverage of Bitdeer Technologies Group (BTDR) with an Overweight rating and $13 PT," Cantor noted.

Piper Sandler initiated coverage on AppFolio with an overweight rating, citing confidence in the new leadership team. "We are initiating coverage on APPF at Overweight based on confidence in the new leadership team (complete makeover since 2020) that has helped supercharge this vertical SaaS [service-as-a-software] model via new pricing, fintech, and AI monetization levers that appear sustainable," Piper Sandler explained.

Citi reiterated its buy rating on Broadcom, citing upside from AI strength and EPS accretion from the VMware acquisition. "We reiterate our Buy rating on AVGO given upside from AI strength and EPS accretion from the VMware acquisition," Citi stated.

JPMorgan initiated coverage on Shopify with an overweight rating, highlighting the company's competitive advantages. "SHOP is one of the largest publicly traded payment facilitators with a real competitive moat that warrants a premium valuation, in our view," JPMorgan noted.

Street Views

  • Evercore ISI (Bullish on Alphabet):

    "In the wake of proprietary survey work, we are reiterating our Outperform on GOOGL and modestly raising our PT to $225 (implying almost 30% upside). GOOG remains one of our Top Picks in Large Cap ’Nets."

  • Morgan Stanley (Bullish on Apple):

    "WWDC delivered slightly ahead of our expectations, with important building blocks in-place for Apple to drive a multi-year device refresh starting in FY25."

  • JPMorgan (Bearish on Cleveland-Cliffs):

    "Downgrading to Neutral ($17 PT) on Weakening Fundamentals, Rising Capex Needs, and Lack of N-T Growth."

  • Oppenheimer (Bullish on Nvidia):

    "We see NVDA as best positioned in AI, benefiting from their full stack AI hardware, networking, and software solutions. We’re raising our target to $150 from $110 (split-adjusted)."

  • Morgan Stanley (Bullish on Ford):

    "We believe Ford is demonstrating increasing understanding that its current EV strategies have to change materially."

  • Baird (Bullish on Tesla):

    "The annual meeting of shareholders will be held this Thursday during which we expect Musk’s pay package to be ratified by shareholders. While this does not guarantee an end to the saga initiated by the Delaware court’s decision in January, we believe reapproval would reduce an overhang on the stock and alleviate some worries about Musk’s attention to TSLA."

  • Baird (Bullish on First Solar):

    "FSLR is a backdoor way to play the rise in AI/data centers as hyperscalers seek power away from the grid, and we expect shares to continue recent strength."

  • Evercore ISI (Bullish on Confluent):

    "We believe CFLT is the runaway market leader in the nascent $60bn+ (and growing) data streaming market...we remain in the early innings of companies leveraging real-time data across their organizations as part of their data modernization and GenAI strategies.”

  • Cantor Fitzgerald (Bullish on Bitdeer Technologies Group):

    “We are initiating coverage of Bitdeer Technologies Group (BTDR) with an Overweight rating and $13 PT.”

  • Piper Sandler Analyst for AppFolio:
    (Overweight/Bullish)
    “We are initiating coverage at Overweight based confidence new leadership team complete makeover since 2020 supercharge vertical SaaS model via pricing fintech monetization levers sustainable”

  • Citi Analyst for Broadcom:
    (Overweight/Bullis)
    “Reiterate Buy rating AVGO given upside AI strength EPS accretion VMware acquisition”

  • JPMorgan Analyst Shopify:
    (Overweight/Bullis)
    “SHOP largest publicly traded payment facilitators competitive moat warrants premium valuation view”

  • Barclays Analyst Geron:
    (Overweight/Bullis)
    “Launching coverage GERN shares supported NPV sum-of-parts bullish company blood disorder drug Rytelo”

  • Piper Sandler Trade Desk:
    ( **Top Idea/ Bullis **)
    "Continue view Trade Desk top large cap idea after ~30% YTD move stock confidence sustain 20%+ year-over-year growth rate multi-year period”

  • Bernstein On Holding :
    ( **Outperform / Bulli s **)
    "Following rapid ascent seemingly ubiquitous presence feet everywhere key question brand sustain strong double-digit growth trend peaked argue former initiating coverage Outperform rating TP$50”