Tech Stocks Boom: Applovin, Arm, Vertiv, Nvidia & Broadcom Surge with Strong Earnings and Positive Ratings
Wednesday, Sep 11, 2024 6:30 pm ET
1min read 1. Applovin (Nasdaq: APP)
Applovin surged by 13.15%. Applovin's 2024 Q2 revenue reached $2.138 billion, a 45.9% increase year-on-year. On September 11, BofA Securities maintained its Buy rating with a target price of $120.00. Jefferies also maintained its Buy rating on September 10, with a target price of $108.00. Benchmark maintained its Sell rating, setting the target price at $66.00.
2. Arm Holdings Plc (Nasdaq: ARM)
Arm Holdings Plc surged by 10.3%. Arm Holdings will hold its annual general meeting of shareholders on 2024-09-11. Morgan Stanley has replaced ASML with Arm Holdings as its top European semiconductor pick.
3. Vertiv Holdings (NYSE: VRT)
Vertiv Holdings surged by 9.13%. Vertiv Holdings disclosed internal transactions on September 4, August 23, and August 1, with high-level executives buying and selling shares. Evercore ISI and Goldman Sachs maintained ratings of "Outperform" and "Buy," respectively. Mid-year financial report showed $35.92 billion revenue and $1.72 billion net profit.
4. Nvidia (Nasdaq: NVDA)
Nvidia surged by 8.03%. Nvidia CEO Jensen Huang defended high server prices at the Goldman Sachs Tech Conference, predicting significant AI investment returns. He acknowledged strained customer relationships due to high demand and supply constraints for Nvidia's popular chips.
5. Broadcom (Nasdaq: AVGO)
Broadcom surged by 6.75%. Broadcom reported FY2024 Q3 revenue of $13.1 billion, up 47% year-over-year, with semiconductor solutions revenue at $7.3 billion. The company expects AI revenue growth of 10% in Q4. UBS and Morgan Stanley maintained positive ratings on the stock.
Applovin surged by 13.15%. Applovin's 2024 Q2 revenue reached $2.138 billion, a 45.9% increase year-on-year. On September 11, BofA Securities maintained its Buy rating with a target price of $120.00. Jefferies also maintained its Buy rating on September 10, with a target price of $108.00. Benchmark maintained its Sell rating, setting the target price at $66.00.
2. Arm Holdings Plc (Nasdaq: ARM)
Arm Holdings Plc surged by 10.3%. Arm Holdings will hold its annual general meeting of shareholders on 2024-09-11. Morgan Stanley has replaced ASML with Arm Holdings as its top European semiconductor pick.
3. Vertiv Holdings (NYSE: VRT)
Vertiv Holdings surged by 9.13%. Vertiv Holdings disclosed internal transactions on September 4, August 23, and August 1, with high-level executives buying and selling shares. Evercore ISI and Goldman Sachs maintained ratings of "Outperform" and "Buy," respectively. Mid-year financial report showed $35.92 billion revenue and $1.72 billion net profit.
4. Nvidia (Nasdaq: NVDA)
Nvidia surged by 8.03%. Nvidia CEO Jensen Huang defended high server prices at the Goldman Sachs Tech Conference, predicting significant AI investment returns. He acknowledged strained customer relationships due to high demand and supply constraints for Nvidia's popular chips.
5. Broadcom (Nasdaq: AVGO)
Broadcom surged by 6.75%. Broadcom reported FY2024 Q3 revenue of $13.1 billion, up 47% year-over-year, with semiconductor solutions revenue at $7.3 billion. The company expects AI revenue growth of 10% in Q4. UBS and Morgan Stanley maintained positive ratings on the stock.
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