- Bank of America raised its price target on Nvidia to $460 from $420.
- Credit Suisse raised its price target on Netflix to $550 from $465.
- Baird raised its price target on Amazon to $3,300 from $2,750.
- Raymond James raised its price target on Apple to $400 from $340.
- Piper Sander initiated PayPal as overweight.
- Stephens initiated Teledoc as outperform.
- RBC initiated Nikola as sector perform.
- Needham upgraded Ambarella to buy from underperform.
- Morgan Stanley raised its price target on Tesla to $740 from $650.
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Tech stocks surged to start the week, leading the Nasdaq Composite to another record and up 16% year-to-date through Monday. Analysts were scrambling Tuesday morning to get even more bullish on the shares with price target increases on Amazon, Netflix, Apple and Nvidia.
Below are summaries of these tech calls and as well as other big calls of the day:
Bank of America raised its price target on the stock to a Street high and said survey checks showed "strong trends" surrounding the gaming industry and that Nvidia had "leading" long-term growth.
"We maintain Buy on NVDA and raise PO to a street-high $460 from $420 now based on 45x CY21 PE ex-cash (vs. 41x prior due to rising market multiples), a premium to peers but justified based on NVDA's leading long-term growth and exposure to our favored end markets."