The latest roundup of analyst calls.
[.custom-color]Apple[.custom-color] might be worth $3.6 trillion, but that didn't stop Loop Capital from upgrading it to a Buy with a price target of $300. It's currently at $234, so this represents a 28% upside for the stock. Loop's Supply Chain Analyst sees strong demand for the next generation of iPhones, which will boast increased AI capability. Morgan Stanley similarly named Apple a "top pick" in enterprise IT hardware after being impressed by the firm's AI plans. It raised its price target to $273 and said, "Apple Intelligence is a clear catalyst to boost iPhone and iPad shipments."
[.custom-color]TD Synnex[.custom-color] was upgraded to Outperform by RBC Capital with a price target of $140, representing a 21% upside over its current stock price. There are several things driving this rerating, including solid growth in the company's "advanced solutions" business driven by data center and cloud storage builds, a ramp-up of customers for its Hyve Solutions business, and more demand for AI, which could help drive a PC refresh cycle. All this, they say, could lead to mid-single-digit billing growth in the back half of 2024, with further improvement likely in 2025.
[.custom-color-downgrade]Caesars Entertainment[.custom-color-downgrade] was downgraded to "negative" from "neutral" by Susquehanna analyst Joseph Stauff, with a price target of $33 representing a potential 16% downside. He sees the stock's underperformance and "growing disparity" versus rival MGM as likely to continue.
[.custom-color-downgrade]Electronic Arts[.custom-color-downgrade] was downgraded to Neutral from Buy by Citi with a revised price target of $161 (it currently sits at $145). This was driven by the upcoming release of Grand Theft Auto IV, which may crowd out other titles from the market, as well as recent issues with Apex Legends. The backdrop of a slowdown in consumer spending also played a factor.