Dow Hits Record Close for 12th Consecutive Session: Today’s Research Reports on Tesla and NVIDIA

U.S. markets rose across the board Monday, with the Dow Jones closing at a new all-time high for the 12th consecutive session as investors eagerly await President Donald Trump’s speech to Congress Tuesday, which is expected to provide some details on tax cuts and an overhaul of the health-care system. The Dow Jones Industrial Average gained 0.08 percent to close at 20,837.44, up 5.44 percent year-to-date, while the S&P 500 Index gained 0.1 percent to close at 2,369.75, up 5.85 percent year-to-date.

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“People are ultimately focused on what kind of tone President Trump will strike during his speech on Tuesday,” said Ian Winer, director of equity trading at Wedbush Securities. “The biggest risk to stocks would be a speech that is nationalistic and protectionist, something markets do not like,” Winer said.

“What I’m watching out for is whether his focus is on the pro-growth policies or on the populist message,” said Dan Miller, director of equities at GW&K Investment Management.

Let’s Take a Closer Look at Today’s Trending Tickers

Tesla’s shares dropped 4.19 percent to close at $246.23 a share on Monday. The stock traded between $242.01 and $248.36 on volume of 11.46 million shares traded. Shares of the company dipped after Goldman Sachs downgraded the company’s rating to “sell” from “neutral” as they expect the launch of Tesla’s Model 3 to be delayed and expects that the company will have to sell stocks worth $1.7 billion to meet its capital spending plans. Goldman also trimmed six month target price for the company from $190 to $185. Consensus rating on the company’s stock is “hold”. Shares of Tesla have gained approximately 15.2 percent year-to-date.

“While we believe Tesla currently has a lead relative to OEM (original equipment manufacturer) peers with respect to vehicle technology adoption, electric vehicle architecture, and (potentially) battery scale, our concerns are more near-term oriented with respect to operational execution on the Model 3 launch, an unproven solar business, and cash needs,” wrote Goldman Sachs’ analysts led by David Tamberrino in a note.

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NVIDIA’s shares gained 2.91 percent to close at $104.41 a share on Monday. The stock traded between $101.56 and $105.02 on volume 17.89 million shares traded. Goldman Sachs has maintained a “conviction buy” rating on the company with a price target of $130. Consensus rating on the company’s stock is “outperform”. Shares of NVIDIA have fallen approximately 2.18 percent year-to-date, but have gained nearly 230 percent in the past year.

“While we recognize the slight cut to EPS by the Street post F4Q EPS (in our view primarily due to higher opex and share count), bottom line, we see this as an opportunity to add to positions (or to initiate positions for those who missed the rally in 2016). Most importantly, we believe the multiyear secular growth story in Gaming, Data Center and Automotive remains intact. We are positioned above the Street (+20%/+50% on CY17/18 EPS) and would expect a scenario similar to last year (i.e. positive estimate revisions –> stock price outperformance) to play out over the coming quarters and reiterate our CL-Buy with 28% potential upside to our 12-month price target of $130. In this report, we highlight where/how we differ from the Street and address client pushback.” wrote Goldman Sachs analyst Toshiya Hari in a note to clients.

Access Today’s NVIDIA Research Report Click Here

Today’s Features Includes:

Tesla Inc. (NASDAQ:TSLA)


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