The S&P 500 (SP500) on Friday saw small moves, with the expiration of major options not adding to the volatility of the session.
For the week, the Nasdaq (COMP:IND) was flat. The S&P (SP500) and Dow (DJI) advanced 0.61% and 1.45%, respectively.
Wall Street had a slew of upgrades and downgrades from analysts. Here are some of the major calls for the week:
Apple’s price target raised at J.P. Morgan on AI boost to iPhones
Analysts led by Samik Chatterjee noted that they were updating their volume forecasts for the iPhone 16 and iPhone 17 cycle following the Worldwide Developers Conference 2024, which laid out several AI features, that will drive an upgrade cycle that starts with the iPhone 16 launch, followed by a cycle peak with the launch of iPhone 17.
Taiwan Semiconductor’s price target raised at Bernstein positive on guidance, EPS growth
Analysts led by Mark Li commented that high-end phones and advanced nodes are propelling TSM to top its 2024 guidance. Datacenter AI revenue is rising as planned, but more data indicating AI driving an upward shift in smartphones came as an upside surprise. N3 and N5 capacity is full now.
Newmont upgraded at UBS on expectations for rising earnings, cash returns
Newmont has materially underperformed gold prices and mining peers due in part to poor performance relative to guidance, and UBS analyst Daniel Major says he now thinks guidance is achievable, driving positive operational momentum compared to what’s priced into justifiably skeptical investor sentiment.
Skyworks Solutions upgraded at B. Riley Securities on AI-led fundamentals
The investment bank finds Skyworks Solutions has upside potential due to Apple (NASDAQ:AAPL) being one of its major customers. B. Riley increased its price target to $130 from $96.
STMicroelectronics upgraded at Goldman Sachs on improving end-market demand
“While we continue to see a lack of visibility on several end markets and associated inventory levels, we nevertheless believe that the backdrop has improved for STM in recent quarters,” said Goldman Sachs analysts Alexander Duval, James Saunders, and Anant Jakhar, in a note.
Palantir downgraded at Monness, Crespi on enterprise software worries
Citing worries in the space, investment firm Monness, Crespi, Hardt, cut its rating on Palantir to Sell from Neutral and put a $20 price target on the stock.
And with the “preeminent” companies in the space, such as Salesforce (CRM), Workday (WDAY), and others issuing disappointing outlooks, the supposed benefit from generative artificial intelligence for enterprise software has shown to be a “revenue illusion” this year, said analyst Brian White.
CME Group downgraded to Underweight at J.P. Morgan on new competition
“While all that have tried to compete with CME (NASDAQ:CME) have failed, we see BGC Group’s FMX Futures Exchange having the most compelling offering to date, supported by state-of-the-art technology, powerful partners, and a compelling value proposition including lower commission and competitive, if not potentially better, portfolio margining,” said analyst Kenneth B. Worthington.