U.S. stocks pared early gains while the S&P 500 rose 0.21% to 6,658.43 and the Nasdaq climbed 0.39% to 22,608.73. Bank of America and Morgan Stanley reported robust earnings driven by trading windfalls. AI chip leaders Nvidia, Intel and AMD propelled tech strength and a $40 billion BlackRock-led buyout of a major data-center firm underscored tech momentum. Guggenheim upgraded Uber to buy with a $140 target, citing its industry-leading network, technology and brand; Uber last traded at $94.25 with resistance near $100.18. Citi upgraded Logitech to buy with a $130 target, and JPMorgan rated DoorDash outperform after the Deliveroo acquisition.
"Our BUY thesis is underpinned by the company's asset base consisting of industry-leading 1) network, 2) technology, and 3) brand equity. Uber's multi-platform network is >3x that of next 'Gig' peer, with reach positioning the Rideshare leader for increased Autonomous Vehicle (AV) adoption,"
"We're upgrading LOGI to Buy from Neutral with a TP of $130 (ETR of ~25%),"
"Peripheral demand should benefit given positive PC data points with checks suggesting constructive Videoconferencing equipment demand amidst return to office, and strong gaming peripherals demand."
Read at 24/7 Wall St.
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