Selected stock price target news of the day - September 25th, 2023

By: Matthew Otto

Amazon steps up on the AI race

Amazon is investing up to $4 billion in AI startup Anthropic, positioning itself in direct competition with other major tech companies like Microsoft and Alphabet in the field of artificial intelligence. The investment will grant Amazon cloud customers early access to Anthropic’s technology. Anthropic, in return, will make use of Amazon Web Services’ in-house chips and will designate AWS as its primary cloud provider. Amazon will also acquire a minority stake in Anthropic as part of the agreement.

This investment comes on the heels of Microsoft’s significant, multi-year investment in OpenAI, and Alphabet’s own stake in Anthropic. It indicates Amazon’s intent to remain competitive in the rapidly evolving AI sector. Anthropic, which was founded in 2021, has released its AI assistant Claude, a direct competitor to ChatGPT.

Wedbush retains it’s look on Amazon’s prospects

Wedbush analyst Scott Devitt keeps his Outperform rating and a $180 price target.

Which Analyst has the best track record to show on AMZN?

Analyst Barton Crockett (ROSENBLATT) has currently the highest performing score on AMZN with 5/7 (71.43%) price target fulfillment ratio. His price targets carry on average an $7.41 (6.07%) potential upside. Amazon.com stock price reaches these price targets on average within 42 days.

India is changing requirements from foreign hardware manufacturers

India is adjusting its previously planned restrictions on the import of IT hardware such as laptops and tablets. Rather than implementing a compulsory licensing requirement for tech importers, the country will now only require companies to register under its new import management system, set to launch on Nov. 1. The change offers a reprieve to companies like Apple, HP, and Dell, which had been concerned about the sudden requirement for a license to import such products.

The revised policy stipulates that companies will need to register if they are importing items ranging from laptops and tablets to desktop computers and servers. However, the new system won’t restrict inbound shipments for approximately six to nine months. Eventually, quotas on imports may be introduced, which will be determined based on each company’s local production, import, and export activities.

This modification comes as part of India’s broader strategy to stimulate local production and position itself as a hub for tech manufacturing. The federal government previously startled tech companies with its abrupt announcement to curb hardware imports without a required license but delayed this move by three months after backlash. The new rules are not applicable to smartphones.

These policy shifts align with Prime Minister Narendra Modi’s initiative to boost local manufacturing and diversify global supply chains away from China. India has introduced a $2.1 billion financial incentive plan aimed at attracting computer manufacturers to set up operations in the country. Companies like Dell, HP, Lenovo, Foxconn, and Asustek have expressed interest in these subsidies for manufacturing in India.

Wall Street Action

Deutsche Bank analyst Sidney Ho reiterates a Buy rating and lifts his price target from $68 to $75.

Which Analyst has the best track record to show on DELL?

Analyst Aaron Rakers (WELLS FARGO) has currently the highest performing score on DELL with 11/12 (91.67%) price target fulfillment ratio. His price targets carry on average an $9.25 (27.08% potential upside. Dell Technologies stock price reaches these price targets on average within 274 days.

Jefferies sees a cap on Nikes prospect growth in China

Jefferies analyst Randal Konik has downgraded Nike from Buy to Hold, reducing the price target from $140 to $100. The downgrade is attributed to ongoing pressures on the wholesale channel and macroeconomic challenges in China.

Which Analyst has the best track record to show on NKE?

Analyst Rick Patel (RAYMOND JAMES) has currently the highest performing score on NKE with 14/17 (82.35%) price target fulfillment ratio. His price targets carry on average an $13.07 (13.29%) potential upside. Nike stock price reaches these price targets on average within 119 days.