The stock market showed resilience on Monday despite heightened tensions between the U.S. and Iran over the weekend.
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The U.S. bombed three Iranian nuclear sites, but Iran’s response was relatively muted, firing missiles at a U.S. military base in Qatar without causing casualties. Wall Street is closely watching the ongoing conflict between Israel and Iran.
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Last week, the S&P 500 lost 0.15%, the Nasdaq gained 0.21%, and the Dow remained nearly flat with a 0.02% increase. Nvidia is facing challenges in surpassing the $145 per share mark. Analysts speculate that competition from AMD or the wrong shareholder base may be holding it back.
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Melius Research upgraded AMD to a buy, citing a sustainable surge in inferencing and raising the price target from $110 to $175. DoorDash received an upgrade from Raymond James, with the price target increased to $260 from $215. Analysts anticipate synergies following DoorDash’s acquisition of British food delivery firm Deliveroo for $3.9 billion.
The Wall Street Journal reported that Bank of New York Mellon approached Northern Trust about a potential merger. CEO Robin Vince’s aggressive strategy makes this plausible, but regulatory hurdles could arise.
Market resilience amid global tensions
Barclays raised Capital One’s price target to $253 from $212 and maintained an overweight buy rating. The upgrade considers the potential benefits following Capital One’s acquisition of Discover. Darden Restaurants, the parent company of Olive Garden and LongHorn Steakhouse, received multiple price target hikes after strong quarterly results.
Texas Roadhouse also saw its price target raised by Braid analysts from $218 to $230. UBS raised its price target on Tesla to $215 from $190, noting the significant contribution of Tesla’s robotaxi valuation. However, UBS maintained a sell rating, suggesting the positive outlook is already priced in.
In contrast, Wedbush analyst Dan Ives, who has ridden in Tesla’s robotaxi, maintains a strong buy rating with a $500 price target. JPMorgan initiated coverage of Wynn Resorts with an overweight rating and a $109 price target. Despite concerns over Macao, JPMorgan expresses confidence in digital gaming and Wynn’s management.
Deutsche Bank upgraded Estee Lauder to a buy from hold, raising its price target to $95 from $71. Analysts praise the company’s efforts to diversify beyond China and travel retail, highlighting significant investments in their new strategic plan.