Big technology stocks had a bad September and they could keep dragging on the wider market unless they deliver some good news. Nvidia and International Business Machines are two companies that could help stop the bleeding, according to Melius Research’s Ben Reitzes.
“We believe investors have lost patience with qualitative ‘pipelines,’ ‘levels of engagement,’ and other vagaries. To date, it feels to us that only Nvidia and some AI server plays have real AI numbers,” Reitzes wrote. Reitzes has a Buy rating and a $730 target price on Nvidia stock. The shares were up 0.5% at $450.12 in premarket trading, having more than tripled this year so far.
“We believe that IBM is diverging from Accenture since Big Blue is being helped by consulting demand tied to its own software offerings,” Reitzes wrote.
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