Stocks to Watch Today: Nvidia, Enphase Energy and Corning Incorporated

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Stocks to Watch Today: Nvidia, Enphase Energy and Corning Incorporated

Nvidia (NASDAQ:) surged on analyst upgrades for its AI platform, Enphase Energy (NASDAQ:) recently launched a new battery solution in France, and Corning (NYSE:) jumped on improved Q2 guidance.

Nvidia (NVDA) Soars on Analyst Praise

Nvidia’s stock climbed on Monday, July 8, 2024, following multiple analyst upgrades. The company’s shares rose 1.72% to $128.00, driven by heightened enthusiasm for its upcoming Blackwell AI platform. Both UBS and Wolfe Research raised their price targets to $150, citing “exceedingly robust” demand for Nvidia’s data center components.

The analysts noted that Nvidia’s order pipeline is “materially larger than just two months ago,” with major tech companies like

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(NASDAQ:), Alphabet (NASDAQ: ), Meta (NASDAQ:), and

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(NASDAQ:) increasing their AI infrastructure spending.

Goldman Sachs projects that big tech will collectively invest over $1 trillion in AI over the next five years, with Nvidia poised to be a primary beneficiary. The company’s stock has seen remarkable growth, with a year-to-date return of 158.46% and a staggering 5-year return of 3,113.35%.

Enphase Energy (ENPH) Launches New Battery in France

Enphase Energy unveiled its IQ Battery 5P in the French solar market on July 8, 2024, marking a significant expansion of its ********* presence.

The new battery, with a storage capacity of 5 kilowatt-hours, works in conjunction with Enphase’s IQ8 microinverters to provide reliable on-demand energy for residential clients. This launch positions Enphase to capitalize on France’s growing solar market, the fifth-largest in Europe, and tap into the expanding global battery storage market, which is expected to grow at a CAGR of 8.7% through 2029.

Despite the positive news, Enphase’s stock has faced challenges this year, with a year-to-date decline of 22.43%. However, the stock showed signs of recovery on Monday, rising 5.64% to $102.62.

Corning (GLW) Surges on Improved Q2 Guidance

Corning saw its stock surge 11.95% to $43.03 on Monday following the release of improved second-quarter guidance.

The company projected Q2 revenue of $3.6 billion, up $200 million from its previous forecast, marking its first year-over-year growth since Q3 2022. This positive

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comes after a ******* of weakened demand and suggests a potential recovery across Corning’s diverse business segments, including Optical Communications, Environmental Technologies, and Life Sciences.

The stock’s strong performance has contributed to a year-to-date return of 43.70% and a 5-year return of 49.00%. Analysts maintain an average price target of $43.05 for GLW, closely aligned with its current trading price.

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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our

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prior to making financial decisions.

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#Stocks #Watch #Today #Nvidia #Enphase #Energy #Corning #Incorporated

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