TECH - Let Bears Fret About Tech Valuations Analyst Says: How AI Leaders Microsoft Nvidia And Google Can Push Higher | Benzinga
Microsoft (NASDAQ:MSFT) and Nvidia (NASDAQ:NVDA) are poised to lead the technology stocks in a positive fourth-quarter earnings season for the sector, driven by surging demand for artificial intelligence (AI) projects.
Wedbush rates Microsoft outperform. It also maintains a $450 price target, while Nvidia is rated outperform with a $600 price target.
Analyst Daniel Ives said: “Our recent checks in the field shows an uptick in demand around enterprise software, cybersecurity, and a clear surge in demand around major AI projects and use cases exploding for 2024.”
He added: “Microsoft is humming on the AI front heading in 2024,” impressed by the monetization of its large-language AI chatbot Copilot, which is used on Bing Search.
“We believe the stock has yet to price in what we view as the next wave of cloud and AI growth coming in 2024 with a strong competitive cloud edge versus Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOGL).”
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