Market Recap – May 22nd 💰

Market Recap – May 22nd

On Monday, the S&P 500 and Nasdaq rose as investors awaited U.S. debt ceiling talks updates. President Biden and Speaker McCarthy will meet to address the issue before the deadline.

Looking at specific investments, we’re watching Nvidia and DraftKings. KeyBanc, a leading financial institution, has raised its price target on Nvidia to $375 per share, indicating a potential 20% upside for the stock. Nvidia’s shares have already experienced a remarkable 114% surge this year. This comes as chipmakers such as Marvell Technology and Analog Devices report their latest financial results. Analyst John Vinh believes that Nvidia is well-positioned to deliver strong performance, driven by the growing demand for generative AI and the introduction of new gaming SKUs, such as the RTX40. In another development, UBS has upgraded DraftKings, a fantasy sports betting company, to a buy rating from neutral. UBS cites burgeoning revenue growth as the key factor behind the upgrade, setting a new price target of $30, up from $19 previously. The revised outlook reflects the expectation of higher revenue and increased flow-through to EBITDA.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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