These AI plays are still cheap even after this year’s incredible Nvidia-driven bull run

[Pelican Press 0]

These AI plays are still cheap even after this year’s incredible Nvidia-driven bull run

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parent has rallied more than 31% this year, as analysts have expressed optimism over the company’s cost-cutting efforts and growing market share in digital advertising. Morgan Stanley on Tuesday reiterated its overweight rating on Meta, saying further user adoption of the company’s Reels product ******** a “positive signal for monetization opportunity.” About 33% and 37% of

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users, respectively, use Reels daily, supporting Meta’s revenue growth durability as engagement continues to modestly grow, the bank said. The stock’s current forward price-to-earnings multiple at 20.1 is only slightly below its five-year average of 21.20. Analysts are extremely bullish on data software company Snowflake , expecting about 30% potential upside, making it the highest of the list. And it’s cheap—the stock’s current forward price-to-earnings multiple at 150.08 is significantly below its five-year average of 761.17. Snowflake slipped about 5.5% on Thursday despite posting better-than-expected first-quarter revenue numbers and a higher annual product revenue the day prior. Citi Research reiterated its buy rating on Snowflake after the results, but cited lower near-term profitability as the reason behind lowering its price target by $4 to $236, which suggests 52.6% upside from Thursday’s close. “******* picture, we think SNOW is demonstrating it is garnering a greater share of wallets, even amidst the “great re-prioritization to GenAI,” analyst Tyler Radke wrote in a Thursday note. “With a numbers set-up that looks very achievable, newer products ramping, we see a good path for the stock to work throughout the year.” Micron Technology , another cheap AI play, is up a whopping 47.1% this year. More than 71% of analysts covering the computer memory stock have a buy rating. On Monday, Morgan Stanley analyst Joseph Moore upgraded Micron to equal weight from under weight, saying he overestimated how much the company’s losses last year would weigh on its valuation and underestimated the AI memory tailwind for the stock. He lifted his price target on the stock to $130 per share from $98, suggesting 2.9% potential upside. Analysts surveyed by FactSet believe the stock could gain more than 10%, however. The stock is also trading at a discount to its five-year average, with a forward price-to-earnings ratio of 16. Other favored AI plays that meet the aforementioned criteria include Equinix ,

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and Western Digital Corp .

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Investment strategy,Stock markets,S&P 500 Index,NASDAQ Composite,Dow Jones Industrial Average,NVIDIA Corp,Invesco AI and Next Gen Software ETF,Meta Platforms Inc,Snowflake Inc.,Micron Technology Inc,

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Inc.,Western Digital Corp,Equinix Inc,business news
#plays #cheap #years #incredible #Nvidiadriven #bull #run

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