Wall Street Ups Targets on Two Holdings, Brings a Fresh Buy on Another
We will continue to revisit our price targets as earnings season and investor conferences bring new details.
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Earlier today, we lifted our price target on Nvidia NVDA and reiterated our One rating on the shares. However, we are also seeing Wall Street firms lift their price targets on two other Pro Portfolio positions, while a third gets a new Buy rating.
As we navigate the ongoing earnings season and collect fresh insights from the wave of investor conferences the next few weeks, we will revisit price targets for the Pro Portfolio’s holdings as warranted.
Now let's break down these latest movements happening on Wall Street.
Goldman Raises Its Axon Target
Ahead of a presentation by Axon Enterprise's AXON management later today at the 5rd Annual JPMorgan Global Technology, Media, and Communications Conference, Goldman Sachs GS lifted its AXON target to $830 from $730 and reiterated its Buy rating on the shares.
Coming off Axon’s quarterly results and earnings conference call last week, which led us to up our target to $700 from $635, we shared that we would reassess our new target based on what’s revealed during today’s presentation, as well as those in the coming weeks.
That remains our plan, however, with the relative strength index for AXON hitting 76.09 with last night’s market close, flashing overbought signs, it’s difficult to pick up shares at current levels. Looking at the chart below, we’ve seen the RSI level move higher from current levels in the past, and should we see it venture back toward such lofty levels, some prudent register ringing may be in order.
And if you’re looking at the chart, you’re probably seeing the same gap up in the shares from earlier this month. While not all gaps get filled, it is something we are watching.
Bank of America Ups Its Palantir Target
Yesterday, Bank of America upped price target on Palantir Technologies PLTR to $150 from $125, citing the company’s recent quarterly results as evidence that the “speed and scale” it can deploy products and convert customers is growing. The firm agrees with our view that both the commercial and defense markets are in their early stages of unlocking productivity gains and other benefits tied to AI adoption.
Those favorable comments are helping lift PLTR shares past our $130 target, as is the overall rebound in the market. As we continue to receive more signs and signals of AI adoption in the coming days and weeks, we will revisit our PLTR target. With that in mind, we look forward to the company’s next AIPCon event, which, if history holds, should be in June.
RBC Slaps a Fresh Buy on Dutch Bros
RBC Capital initiated coverage of Dutch Bros BROS with an Outperform rating and $83 price target, just $2 below ours. In its note, the firm shared its view that Dutch Bros has a "unique brand" and business model in the coffee space that resonates with Gen Z consumers. While true, our main focus remains on the geographic expansion opportunity ahead of the company, and RBC recognizes that as well.
In the same note, RBC wrote, “Dutch Bros is still in relatively early stages of a national expansion with unit growth opportunity in new and existing markets that should support a mid-teens growth rate for the foreseeable future.” On that we can agree.
At the time of publication, TheStreet Pro Portfolio was long AXON, PLTR and BROS.
