We're Raising Our Price Targets for Palantir and Nvidia
We're also adjusting several panic points.
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Following on our opening comments this morning, we are lifting our price targets on Palantir PLTR and Nvidia NVDA.
For Palantir, we are lifting our target to $160 from $140. Our target hike reflects NATO leaders agreeing to increase defense spending to 5% of their countries' GDP by 2035, President Trump’s upcoming “AI Action Day” on July 23, and Palantir tapping Accenture’s ACN federal services arm to expand its reach into federal agencies. Should market forces pull PLTR shares back toward their 50-day moving average near $125, that would be a reason for us to reconsider our Two rating.
Our target increase for Nvidia, to $185 from $175, reflects signals pointing to stronger AI and data center chip demand. While our increase pales in comparison to Barclays’ recent target hike to $200, barring fresh information, as NVDA shares move past $165, we’ll need to revisit our current One rating.
Panic Point Adjustments
As we make those price target changes, we will also lift our Palantir panic point to $95 from $90, and boost Nvidia's to $120 from $110.
With the continued strength in shares of Axon Enterprise AXON and Marvell Technology MRVL, which has served the Pro Portfolio very well, we'll also move their panic points higher — for Axon to $600 from $560, for MRVL to $60 from $55.
Given the market’s current setup, we will continue to monitor the McClellan Oscillator as well as relative strength index (RSI) levels for our holdings. Should the market melt-up continue, odds are we may do some additional register ringing, following what we did last week with MRVL and NVDA shares.
At the time of publication, TheStreet Pro Portfolio was long PLTR, NVDA, AXON and MRVL.
