Tesla Inc (NASDAQ:TSLA) stock is down by about 2%, although one analyst boosted his price target, saying the China growth story alone is worth $300 for the shares. Wedbush analyst Daniel Ives boosted his price target from $600 to $800 per share in a report issued today. Back in business Ives said Tesla took a big […]

from Yahoo Finance https://ift.tt/2zECyEh

What would you tell someone if they were to ask you, “Should I buy Micron (MU) right now?” For Rosenblatt's Hans Mosesmann the answer is quite clear — the 5-star analyst sees this stock as a flower that keeps blossoming. In fact, Mosesmann goes as far as to consider Micron “one of our top 3 picks for 2020.” Following a chat with Micron's MBU (mobile business unit) manager, Mosesmann cites some key takeaways which have only added to his bullish sentiment: * As 5G networks become more prevalent around the world, 5G phones will bring significant advances in performance (20x faster downloads), latency (10x lower), and density (10x more devices per kilometer), all driven by Micron tech. * With the 5G cycle taking its first steps, Micron projects sales of 5G phone units for 2021 to hit roughly 450 million and expand over the next few years. Accordingly, the company expects 5G 2020 bit growth for DRAM (memory) to hit 15% and NAND (storage) to increase by 30%. * Because of 5G backups from 4G phones, new game apps, and their ability to process hi-resolution content DRAM and NAND requirements will increase between 33% and 100% in 5G when compared to 4G.All of which leads Mosesmann to argue Micron is “leading the industry in key categories, and the MBU business is now cross-cycle profitable.” In summary, the analyst noted, “At a high level, Micron is making the case that even in one of the worst market segments to get hit by COVID-19 dynamics, 5G phone memory/storage content will grow meaningfully in 2020 and drive bit demand.”To this end, Mosesmann reiterates a Buy rating on Micron shares, with a $100 price target target in mind. Investors can expect upside of a massive 102%, should the analyst’s thesis play out over the coming months. (To watch Mosesmann’s track record, click here)As for the rest of the Street, the bulls have it. Micron's Moderate Buy consensus rating breaks down into 19 Buy ratings, 5 Holds and single Sell received in the last three months. The $62.66 average price target suggests shares could surge ~27% in the next year. (See Micron stock analysis on TipRanks)To find good ideas for tech stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

from Yahoo Finance https://ift.tt/2zC0w36

(Bloomberg) — Oil fell a second day after a report showing a jump in U.S. crude stockpiles raised fresh concerns over excess supply, while doubts are also creeping in over Russia’s commitment to maintaining production curbs.Futures in New York fell as much as 2.6%, adding to Wednesday’s 4.5% drop. The American Petroleum Institute reported that oil inventories rose by 8.73 million barrels last week, according to people familiar. If confirmed by government data on Thursday it would reverse two weeks of declines — an indication that record supply cuts are not draining a massive glut fast enough. Gasoline supplies also swelled by 1.12 million barrels, according to the report.Russian President Vladimir Putin and Saudi Arabia’s Mohammed bin Salman on Wednesday reiterated their cooperation on the OPEC+ supply-deal ahead of a June 9-10 meeting. But earlier Moscow said that it wanted to scale back curtailments as soon as the current agreement expires in July, according to people familiar with the matter.The API report also showed supplies at the key storage hub of Cushing, Oklahoma, fell by 3.37 million barrels, which would be the third consecutive weekly decline. OPEC+’s commitment to reducing output by almost 10 million barrels a day starting in May has helped to lift oil prices by about 70% this month. But the market’s recovery remains fragile, with higher prices likely to prompt producers to turn the taps back on even as the pandemic continues to quash energy demand.The physical market has recovered in recent days as economies reopen. Indian, Chinese and South Korean refineries are buying distressed cargoes in a sign of returning demand. In the U.S., top infectious disease expert Anthony Fauci said that there is a chance that a coronavirus vaccine will be available by the end of the year and that U.S. testing capabilities are improving. The remarks feed optimism that the country could get back to work sooner than expected.The damage inflicted by the Covid-19 pandemic continues to reverberate across the industry. Chevron Corp. is planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among global oil majors. Global energy investment will suffer a record slump of $400 billion, or about 20%, this year, the International Energy Agency said in a report on Wednesday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

from Yahoo Finance https://ift.tt/2ZE01Ae