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Analysts say tech stocks such as Nvidia and Apple have further growth potential in June



Tech stocks like Nvidia and Apple are expected to continue their positive performance this summer, according to Wall Street analysts. The Nasdaq Composite saw a 2.4% increase this week, bringing its 2024 gain to over 14%. In addition, the S&P 500 finished the week up more than 1.3%. CNBC Pro highlighted top tech stocks to own, including Broadcom, Uber, Apple, Datadog, and Nvidia.

Broadcom, a semiconductor manufacturer, received a buy rating from Melius Research analyst Ben Reitzes. Reitzes called Broadcom a “must-own” AI stock despite competition from companies like Nvidia. The recent acquisition of VMware by Broadcom is seen as a long-term catalyst for the company. CEO Hock Tan’s leadership has been praised, with shares of the company up 26% this year.

Datadog, a cloud monitoring platform, is being touted as the next high-quality large-cap stock by Bank of America. Analyst Koji Ikeda upgraded Datadog to buy, emphasizing the company’s consistent revenue and margin growth since its IPO. Ikeda sees AI as a significant growth driver for Datadog, with robust customer demand and an attractive value proposition.

Ride-sharing company Uber is expected to benefit from increased consumer spending, particularly among wealthier consumers, according to Oppenheimer analyst Jason Helfstein. Strong retail sales and robust Memorial Day travel are positive catalysts for Uber. Additionally, improvements in transportation solutions and developments in autonomous technology are seen as potential growth drivers for the company.

Wells Fargo has an overweight rating on Nvidia, citing the company’s competitive positioning in gaming GPUs and growth opportunities in data centers, HPC, and AI. Apple has a buy rating from Goldman Sachs, which believes that the market is undervaluing the strength of the Apple ecosystem and revenue durability. And Broadcom, according to Melius Research, is poised to benefit from a cyclical upturn and strong strategic vision from CEO Hock Tan.

In conclusion, tech stocks like Nvidia, Apple, Uber, Broadcom, and Datadog are set to perform well this summer, according to Wall Street analysts. Investors may find opportunities for growth and value in these companies as they navigate the evolving tech landscape and capitalize on emerging trends like AI and consumer spending patterns.

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