As the first half of the year closes out, once-bearish hedge funds and institutions are feeling the FOMO. While some fund managers, like Mike Wilson of Morgan Stanley, still believe that the stock market is heading for a swift decline soon, most bearish analysts have conceded that the bull market is real. Even once bearish Wolfe analysts who previously predicted a deep recession now believe that the stock market rally “could go on for some time.” As quarterly rebalancing forces some of those funds to rethink their approach to stocks, four are getting brand new price targets today: Apple, Live Nation, Match, and Snowflake.
New Street High Price Target for Apple Stock
AAPL Price Target: $240
Citibank dropped a new, street-high price target for Apple last night, giving the biggest company in the world by market cap a potential upside of around +25% from here, despite it already being up nearly +50% YTD. Citi said the company continues to gain market share from Android, and sees the new VR headsets as a potential boost to Apple’s bottom line in 2024. Apple broke through a $3 trillion dollar market cap today in early trading.
New Price Target for Match Stock
MTCH Price Target: $63
Match, maker of Tinder, Match.com, okcupid, Hinge, and more, is expected to rise +24% from current levels, according to analysts at TD Cowen. Those analysts expect Tinder, its main offering, to grow at 7% annually, and give Match stock an outperform rating — though this $63 price target is lower than its previous price target of $66.
New Price Target for Live Nation Stock
LYV Price Target: $110
Citibank raised its price target on Live Nation stock to $110 per share from a previous target of $89, and sees the stock at a “compelling entry point” at this time. Citi said that some recessionary risks are already priced into the stock, and in a future where that may not happen, shares of Live Nation could see a boost as the market adjusts to economic resilience.
New Price Target for Snowflake Stock
SNOW Price Target: $205
Snow stock currently sits at $180, which was Jefferies previous price target. Today, Jefferies boosted that price target to $205, citing Snowflake as “one of the dominant data clouds with AI tailwinds.” They said Snowflake is an early beneficiary of the cloud data warehousing space. It doesn’t hurt that Snowflake is a high-beta growth stock with AI-relations in a market that is rewarding tech stocks handily.