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ADI

AMD

LSCC

MCHP

NXPI

Semiconductor and chip stocks are trading higher due to overall tech strength, Micron's earnings, an analyst upgrade of NVIDIA, and continued interest in AI. Stocks mentioned include ADI, AMD, LSCC, MCHP, and NXPI.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 6:29 pm

ACCD

Needham analyst Ryan MacDonald reiterated a Buy rating on Accolade, Inc. (NASDAQ:ACCD) and raised the price target to $17 from $15. The company's pipeline remains strong with a healthy level of demand for multiproduct adoption. The Expert Medical Opinion (EMO) segment is growing at a 30% rate, and Q1 FY24 sales were up 9% Y/Y, beating consensus. However, competition continues to grow in Accolade's end market, creating churn risk, pricing pressure, and margin compression.

Portfolio Pulse from Nabaparna Bhattacharya

June 30, 2023 | 6:25 pm

AXP

Oppenheimer analyst Dominick Gabriele has reiterated an Outperform rating on American Express Company (AXP), with a price target of $180. Gabriele predicts a slowdown in AXP's total network volume growth from 13.9% to ~10.6% Y/Y into 2024, due to sluggish U.S. volumes. However, he expects 2023/2024 EPS to go higher/~flat, given CECL/loan growth dynamics. AXP shares are trading higher by 1.07% to $173.98.

Portfolio Pulse from Nabaparna Bhattacharya

June 30, 2023 | 6:22 pm

NFLX

A significant amount of unusual options activity has been observed for Netflix (NASDAQ:NFLX), with a bearish stance being taken by a majority of investors. Of the 55 strange trades detected, 45% were bullish and 54% were bearish. The trades included 8 puts and 47 calls, with a total amount of $2,613,111. Whales have been targeting a price range from $5.0 to $550.0 for Netflix over the last 3 months. The current price of NFLX is up 2.95% at $440.87. Several financial institutions have maintained their ratings on Netflix, with price targets ranging from $375 to $500.

Portfolio Pulse from Benzinga Insights

June 30, 2023 | 6:16 pm

ATVI

A significant investor has taken a bullish stance on Activision Blizzard (NASDAQ:ATVI), with 58% of the investors opening trades with bullish expectations and 41% with bearish. The trades include 9 puts, totalling $675,654, and 27 calls, totalling $2,740,608. The price target for Activision Blizzard over the last 3 months ranges from $55.0 to $90.0. The price of ATVI is up 1.11% at $84.0. Truist Securities and Benchmark have downgraded their action to Buy with a price target of $84 and $90 respectively.

Portfolio Pulse from Benzinga Insights

June 30, 2023 | 6:16 pm

META

NVDA

SGH

Needham analyst Rajvindra Gill maintains a Buy rating for SMART Global Holdings, Inc (SGH) and raises the price target from $32 to $37. SGH is divesting its Brazil segment, which is expected to boost the gross margin and free up capital for AI investment and M&A. The company's IPS segment, which accounted for 45% of sales and grew 31% Y/Y in 3Q FY23, benefits from AI, ML, and data analytics trends. SGH could deploy 50-60K NVIDIA Corp (NVDA) GPUs for AI training at scale. Rosenblatt analyst Kevin Cassidy also reiterates a Buy rating for SGH with a $35 price target.

Portfolio Pulse from Anusuya Lahiri

June 30, 2023 | 6:06 pm

GNFT

IPSEY

Ipsen SA and Genfit SA announced positive topline data from the Phase 3 ELATIVE trial evaluating the efficacy and safety of elafibranor for primary biliary cholangitis (PBC). The trial met its primary composite endpoint, with 51% of patients on elafibranor 80mg exhibiting a cholestasis response compared to 4% on placebo. Ipsen plans to discuss these results with regulatory bodies and aims to move forward with regulatory submissions to the FDA and the European Medicines Agency. Genfit shares are down 14.30% at $3.47 on the last check Friday.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:03 pm

HPQ

HP (NYSE:HPQ) has received mixed analyst ratings in the last quarter, with 1 somewhat bullish, 3 indifferent, and 1 somewhat bearish. The average price target is $31.2, slightly above the current price of $30.7562. The average price target has increased by 9.47% over the past month.

Portfolio Pulse from Benzinga Insights

June 30, 2023 | 6:01 pm

GBX

Greenbrier Companies (NYSE:GBX) has received mixed analyst ratings in the last quarter, with 2 somewhat bullish, 1 indifferent, and 2 somewhat bearish. The company's average 12-month price target is $37.4, which has increased by 11.31% over the past month.

Portfolio Pulse from Benzinga Insights

June 30, 2023 | 6:01 pm

VEEV

Analysts have provided various ratings for Veeva Systems (VEEV) in the last quarter, with a majority leaning towards bullish. The average price target for VEEV is $205.06, indicating an upside from the current price of $199.59. This average price target has increased by 1.31% over the past month.

Portfolio Pulse from Benzinga Insights

June 30, 2023 | 6:00 pm