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☆ Don't expect Nvidia's rally to lose steam, Citi says
▼ + stars: | 2023-07-17 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Atif Malik raised his price target by $100 to $520 while maintaining his buy rating. That share price would be more than four times higher where the stock finished 2022. But neither his price target or bull case are considered outlandish for the stock. Though both are above the average analyst's price target of $479.22, neither exceeds the highest price target on Wall Street of $767 per share, according to Refinitiv. In addition to the price target hike, Malik also raised his outlook for earnings per share in upcoming years.

Persons: Atif Malik, Malik, Maik, — CNBC's Michael Bloom Organizations: Nvidia, Citi, Devices Locations: Friday's, China

☆ Apple passes $3 trillion market cap. Here's how to play the stock
▼ + stars: | 2023-06-30 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the best reactions from investors and analysts on Apple . The pros discussed the tech giant after it topped $3 trillion in market cap Friday and its stock closed at an all-time high. Apple first reached $3 trillion in January 2022 but fell below that milestone before the closing bell that same day. Late Thursday, Citi's Atif Malik initiated Apple as a buy with a $240 price target, the highest of any Wall Street analyst. The stock is currently held in Jim Cramer 's Charitable Trust portfolio.

Persons: Citi's Atif Malik, Apple, Jim Cramer Organizations: Apple, Trust

☆ Apple's market value breaches $3 trillion mark again
▼ + stars: | 2023-06-30 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

Shares of Apple, which is also the world's most valuable- listed company, were up 1.6% at $192.6, after touching a record high of $193.15 during the day. They have jumped nearly 46% this year and, at the current price, the company's market value stands at around $3.02 trillion. Apple's market value briefly peaked at above $3 trillion in intra-day trading on Jan. 3, 2022, before closing the session just below that mark. Apple's 12-month forward price-to-earnings multiple (P/E), a common benchmark for valuing stocks, is 29.49, well above the sector median of 13.14, according to Refinitiv data. Currently, four other U.S. companies have a valuation of more than $1 trillion - Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O), Nvidia Corp (NVDA.O) and Microsoft Corp (MSFT.O), which is a close second with a market value of $2.49 trillion.

Persons: Atif Malik, Microsoft's, Tiyashi Datta, Anil D'Silva Organizations: Apple, Citigroup, Federal, Amazon.com Inc, Nvidia Corp, Microsoft Corp, Tesla, Nvidia, Reuters, Thomson Locations: Bengaluru

☆ Citi begins new coverage of Apple at a Street-high price of $240
▼ + stars: | 2023-06-29 | by ( Scott Schnipper | ) www.cnbc.com time to read: +1 min

Citigroup's Atif Malik initiated research coverage of Apple late Thursday with a buy recommendation and a $240 price target, the highest on Wall Street among more than 30 analysts who cover the iPhone maker, according to FactSet. Apple rose another 0.2% postmarket Thursday after closing at a record $189.59 and approaching a $3 trillion market capitalization. Malik's price target implies further appreciation of another 27% on top of the 46% advance the stock has already scored in the first half of 2023. Apple already exceeds Wall Street's consensus price target of $187.19, according to FactSet. The prior Street-high price objective was Wedbush Securities analyst Dan Ives' $220, FactSet shows.

Persons: Citigroup's Atif Malik, Malik, Dan Ives, — CNBC's Michael Bloom Organizations: Apple, Wall, Citigroup, Wedbush Securities

☆ Why this chip stock could be the next Nvidia
▼ + stars: | 2023-05-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Those who missed Nvidia's recent surge may want to consider putting their money in one overlooked artificial intelligence beneficiary: Marvell Technology. The stock surged 181% this year on AI tailwinds. "Not sure we can make sense of the recent AI rally, but this is a name that belongs in the basket." Bank of America analyst Vivek Arya called the chip stock an "underappreciated" AI beneficiary in a recent note. "All in all, MRVL AI revenue is expected to grow at a 100% CAGR from FY23-FY25," Malik said.

☆ Marvell shares rocket 32% on earnings beat and 'tremendous' business potential for A.I.
▼ + stars: | 2023-05-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Shares of Marvell Technology continued a significant overnight rally Friday, surging about 32% off the back of quarterly earnings results that beat on the top and bottom lines. On an analyst conference call, Marvell CEO Matthew Murphy said the company had begun to reassess how it looked at the "tremendous" business potential of AI. "In FY2023, MRVL estimated its AI revenue to be ~ $200 million, representing a strong uptick from FY22. The company expects AI sales to reach ~$400M+ in FY24 before doubling in FY25," the note from Citi's Atif Malik said. Many semiconductor firms experienced a lift from Nvidia's Wednesday blowout earnings report.

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