Today's Research Reports on Stocks to Watch: NVIDIA and Snap

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Accesswire 9-Jun-2017 8:00 AM
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NEW YORK, NY / ACCESSWIRE / June 9, 2017 / U.S. markets were relatively quiet Thursday as former FBI Director James Comey's testimony in front of the U.S. Senate Intelligence Committee did not provide any significant revelations that could impact Donald Trump's presidency. The Dow Jones Industrial Average gained 0.04 percent to close at 21,182.53, while the S&P 500 Index gained 0.03 percent to close at 2,433.79.
"Testimony would have to be really, really damning enough to throw all of [Trump's policy promises] into the trash bin, and that's not what we have right now in this [Comey] testimony," said Mike Antonelli, Chief Equity Sales Trader at Robert W. Baird & Co.
RDI Initiates Coverage on:
NVIDIA Corp. https://ub.rdinvesting.com/news/?ticker=NVDA
Snap Inc. https://ub.rdinvesting.com/news/?ticker=SNAP
NVIDIA's shares spiked 7.26 percent to close at $159.94 a share on Thursday. The stock traded between $151.79 and $160.00 on volume of 29.04 million shares traded. NVIDIA reported revenues were $1.94 billion for the first quarter of fiscal 2018, an increase of 48 percent when compared to the same quarter a year ago. GAAP EPS was $0.79, up 126 percent year-over-year. Citigroup has raised their price target on the stock to $180 from $145, which is currently the highest on Wall Street. The average price target on NVIDIA is $124.39, according to FactSet. "Looking forward, we believe stock is not pricing in continued growth in data center sales," said Citi analyst Atif Malik in a report. Shares of NVIDIA have gained approximately 49.84 percent year-to-date.
Access RDI's NVIDIA Research Report at: https://ub.rdinvesting.com/news/?ticker=NVDA
Snap's shares declined 3.63 percent to close at $18.85 a share on Thursday. The stock traded between $18.18 and $19.40 on volume of 32.64 million shares traded. Snapchat downloads are down 22 percent year-over-year through the first two months of the second quarter, according to Instinet. In comparison, downloads of the app increased by 6 percent in the first quarter. Anthony DiClemente, an analyst at Nomura Instinet, has lowered his price target on the stock to $14. "We are surprised that a newly public company, supposedly early in its growth cycle, would see near-term results impacted by broader seasonal ad market trends," wrote DiClemente, according to the New York Post. Shares of Snap have fallen approximately 23 percent since its IPO.
Access RDI's Snap Research Report at: https://ub.rdinvesting.com/news/?ticker=SNAP
Our Actionable Research on NVIDIA Corporation (NASDAQ: NVDA) and Snap Inc. (NYSE: SNAP) can be downloaded free of charge at Research Driven Investing.
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