This Big Tech company is among BofA’s top picks in second quarter

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This Big Tech company is among BofA’s top picks in second quarter

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and Meta Platforms rose 12% and 37%, respectively, during the quarter. However, Bank of America thinks the

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Cloud Next conference this month, as well as the

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I/O event in May are near-term catalysts for the stock. A relaunch of controversial AI image-generation program Gemini would likely provide a boost to shares, the firm added. “​​While not necessarily expected in 2Q, there is also opportunity for ‘self-help,'” analyst Justin Post wrote in a Monday note. His price target of $173 suggests upside of 14.6% from Thursday’s close. Another technology name featured on the list is Spotify . Shares have soared nearly 41% year to date. Analyst Jessica Reif Ehrlich highlighted the company’s restructuring and headcount reduction efforts in 2023 as a boost for ****** margins. “The company appears to be at an inflection point which is driving share price performance over the last ~18 months. We expect this momentum to sustain,” she said, citing subscriber growth, scaling opportunities and continued operating leverage. The firm forecasts Spotify shares rising about 19% from Thursday’s close. SPOT YTD mountain Spotify shares in 2024 One of the financial stocks featured in Bank of America’s top picks list was Citigroup . Shares are up 23% in 2024, outperforming the broad market index, but analyst Ebrahim Poonawala says they still present a “compelling” risk/reward profile. “In our view the gap between perceived vs. real risk should narrow as the Street gains better visibility into the core earnings trajectory, thereby driving a re-rating higher in the stock,” wrote Poonawala. The analyst’s price target of $65 implies nearly 3% upside from Thursday’s close. Food and beverage manufacturer Kraft Heinz is another top buy-rated idea from Bank of America. The company suffered some of the biggest effects from a rollback in Supplemental Nutrition Assistance Program, or SNAP, benefits in 2023 due to its exposure to kids’ food items. However, food volumes and demand are expected to pick up again over the next few months, the firm found. “A positive inflection in volumes should support low valuation and potentially drive rotation from other consumer staples sub-sectors (Beverages/Household Personal Care) as investors chase underperforming food names,” wrote analyst Bryan Spillane. His price target suggests about 8% upside. Intuitive Surgical and Tapestry were some of the other buy-rated picks on the list.

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Breaking News: Investing,Wall Street,Business,Markets,Stock markets,Alphabet Inc,Meta Platforms Inc,

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Corp,Spotify Technology SA,Citigroup Inc,Kraft Heinz Co,Intuitive Surgical Inc,Tapestry Inc,S&P 500 Index,business news
#Big #Tech #company #among #BofAs #top #picks #quarter

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