Buy the dip in tech stocks like Nvidia amid uncertainty, BofA says

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Buy the dip in tech stocks like Nvidia amid uncertainty, BofA says

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,

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, Palantir, Uber , Nvidia and Apple. Apple “The best is yet to come,” analyst Wamsi Mohan said of the iPhone maker. BofA is standing by the Tim Cook-led company after revenue and net income topped analyst estimates earlier this month. “We further see the potential for significant acceleration of [smartphone] units in Dec qtr and overall in F25 with the rollout of Apple Intelligence,” he wrote. Apple Services saw record revenue, leading Mohan to conclude there’s plenty of upside ahead for Apple shares as new products debut in September. “We see the rollout of Apple Intelligence as another tailwind for Apple Services growth,” he added. Apple shares are down about 3% this month. “Reiterate Buy as we see the potential for consensus estimates to be revised higher given multi-year iPhone upgrade cycle, tailwinds to ****** margins and strong cash flows,” he went on.

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Analyst Jessica Reif Ehrlich is sticking with shares of the streaming movie service. The company is coming off of a strong top and bottom line beat with solid guidance following its second quarter earnings report in mid-July. Reif Ehrlich noted the strength in subscriber growth continues. “NFLX’s existing scale advantage is bearing fruit as healthy revenue growth and effective cost controls are driving operating leverage, leading to an increased 2024 margin

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to 26%,” she wrote. BofA also says that ad tailwinds are starting to pay off for

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. “All said, we remain bullish on the longer-term potential in advertising, although we expect a more significant contribution in ’25/’26,” Reif Ehrlich said. Meanwhile,

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shares are down almost 8% over the last month. “In our view,

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******** the best positioned company within media and has several growth drivers, including the accelerating ramp of its burgeoning ad business,” she said. Uber The ride sharing platform is ******* on all cylinders, according to analyst Justin Post. Uber reported a blowout earnings report earlier this week, when it beat analyst estimates on both the top and bottom line. Uber also issued robust future guidance. Post admitted the setup was rough for Uber, but says the company pulled it off. “With help from efficiency gains, ad growth, and cost leverage at scale, Uber is delivering on tough expectations, and an

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that suggests stable growth from here,” he wrote. BofA says the results could ease investor fears that a slowdown is on the horizon. Further, Post says he’s bullish on the company’s autonomous driving future. “On [autonomous mobility], Uber indicated more news soon, which suggests new and/or expanding partnerships,” he said. Meanwhile, shares of Uber are down almost 4% in the past month. “We are constructive on fundamentals given a large total addressable market and technology advances that likely lower driver dependency and improve margins,” Post went on to say. Apple “The best is yet to come; slight beat and raise good enough for now. … .We further see the potential for significant acceleration of units in Dec qtr and overall in F25 with the rollout of Apple Intelligence. … Reiterate Buy as we see the potential for consensus estimates to be revised higher given multi-year iPhone upgrade cycle, tailwinds to ****** margins and strong cash flows.”

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“AWS surprises, but retail not immune to macro; Still well positioned for AI. … .We think

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’s focus on the customers and the buyer experience is right for the Internet. We think

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is well positioned to capitalize on the global growth of eCommerce and other secular trends such as cloud computing, online advertising and connected devices.”

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“In our view, NFLX ******** the best positioned company within media & has several growth drivers, including the accelerating ramp of its burgeoning ad business. … .NFLX’s existing scale advantage is bearing fruit as healthy revenue growth & effective cost controls are driving operating leverage, leading to an increased 2024 margin

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to 26%. … .All said, we remain bullish on the longer-term potential in advertising, although we expect a more significant contribution in ’25/’26.” Palantir “PLTR’s dominant position in the AI-powered software market, differentiated end-to-end, ontology-powered & highly secure solutions and first mover advantages should support revenue growth and improving profits in the midterm. Increased urgency on modernizing military and intel capabilities may provide significant opportunities for Palantir.” Uber “With help from efficiency gains, ad growth, and cost leverage at scale, Uber is delivering on tough expectations, & an

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that suggests stable growth from here. … . On AV Uber indicated more news soon, which suggests new and/or expanding partnerships. … .We are constructive on fundamentals given a large TAM and technology advances that likely lower driver dependency and improve margins.” Nvidia “Blackwell transition could mute upside near-term. … .Regardless, any pushouts could further pressure NVDA stock amidst ongoing market uncertainty around rates/geopolitics. However, we see any selloff as [an] enhanced buying opportunity as challenges are not in demand, but in supply that will not fundamentally derail NVDA’s longer-term momentum.”

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#Buy #dip #tech #stocks #Nvidia #uncertainty #BofA

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