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📈 The Stock Getting a Boost From Apple

📈 The Stock Getting a Boost From Apple

Plus, a new problem for Boeing

June 14, 2024

Pencils down, it’s time for lunch. Here’s what you missed this morning:

🟥 | Market Snapshot: The three major indexes fell as new data shows a decline in consumer sentiment, and investors seem to be taking gains after a strong rally this week.
✍️ | In focus: According to the University of Michigan’s Survey of Consumers, consumer sentiment declined to 65.6 in June compared to 69.1 in May. This reading comes significantly below the Dow Jones estimate of 71.5.
😣| Noteworthy: More Boeing woes… Boeing airplane components were found to be peppered with small holes, which led to the discovery that the manufacturer was sold counterfeit titanium from a Chinese company. The FAA is now investigating.
📈 | The Midday Trade: The Stock Getting a Boost From Apple. Scroll down for more.

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STREET STATS

Credit: Statista

MORNING MOVERS

Adobe, Boeing, & Hasbro

ADBE: Adobe’s stock popped after it reported earnings and revenue that topped estimates and lifted its full-year guidance (CNBC)

RH: Shares of RH dove after the high-end retailer posted a substantially wider loss per share than Wall Street expected (YF)

BA: Boeing’s stock slipped on news of being sold false titanium as well as an FAA investigation into a Boeing 737 Max’s “Dutch roll” incident (NBC)

ZS: American cloud security company Zscaler saw shares rise after JPMorgan upgraded the stock to Overweight from Neutral, saying it can rise 25% (MW)

HAS: Shares of toymaker Hasbro surged after Bank of America upgraded the stock to Buy, seeing a potential 50% upside (Investing.com)

TOP CALLS

Disc Medicine: HC Wainwright & Co. Reiterates Buy on Disc Medicine, Maintains $70 Price Target (Trade It)

Huntington Bancshares: JP Morgan Maintains Overweight on Huntington Bancshares, Lowers Price Target to $17 (Trade It)

RLI: Jefferies Maintains Buy on RLI, Lowers Price Target to $165 (Trade It)

Adobe: Piper Sandler Maintains Overweight on Adobe, Maintains $700 Price Target (Trade It)

Costco: Loop Capital Maintains Buy on Costco Wholesale, Raises Price Target to $940 (Trade It)

Sweetgreen: JP Morgan Maintains Overweight on Sweetgreen, Raises Price Target to $37 (Trade It)

THE MIDDAY TRADE

The Stock Getting a Boost From Apple

Apple’s Push Into AI is Good News

According to Bank of America (BAC), Taiwan Semiconductor Manufacturing (TSM) is an even more enticing investment following Apple’s (APPL) recently announced push into AI.

As the tech giant looks to expand its AI capabilities and make a splash in the market, TSM is uniquely positioned to take advantage of Apple’s increased need for chips.

An Invaluable Partner

Analyst Brad Lin views the company as an “indispensable and reliable partner” to Apple, playing a crucial role in its ability to enter the AI arena.

According to Lin, TSMC supplies Apple with A and M series semiconductors and is in a great position to grow.

Apple is its largest customer and accounts for about 25% of its revenue. TSM focuses on privacy, which makes it an attractive partner for the tech company.

Analyst’s Thoughts

The stock is up over 70% YTD and 356% over the past 5 years, well outperforming the overall market. Lin has given it a price target of $180, a 4% upside from Thursday’s close. The Wall Street consensus, however, is an average price target of $166.27.

However, the 38 analysts covering the stock have given it an average “buy” rating. With a strong partner in Apple, which will only increase its demand for chips, TSM could have a bright future for itself and its investors.