It may be time for investors to trim positions in overbought names after the stock market reached record levels this week. The S & P 500 , Dow Jones Industrial Average and Nasdaq Composite all hit all-time highs for the week. However, fresh economic data that dented Federal Reserve rate cut hopes pulled the major averages away from those levels — even as Nvidia soared to new heights thanks to a blockbuster earnings report.
Analysts surveyed by LSEG think the stock could lose nearly 11.4% from its latest close, but maintain a consensus buy rating. Shares soared more than 38% this week after UBS analysts on Tuesday said First Solar is uniquely positioned to benefit from rising electricity demand from artificial intelligence — as major tech companies look to build out data centers powered by renewable energy sources. The company's earnings are expected to surge 374% to $36.
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Source: FXStreetNews - 🏆 14. / 72 Read more »