Markets
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Luke Kawa

AMD soars again after getting more than 20 price target hikes across Wall Street following its deal with OpenAI

Over the past 24 hours, Wall Street has been scrambling to revise its view on how high shares of Advanced Micro Devices can climb in the wake of its recently announced megadeal with OpenAI.

While the terms of the arrangement may raise some eyebrows, Wall Street is expecting that OpenAI’s big foray into AMD’s AI chips will serve as a validation point and magnet for other potential buyers.

“OpenAI is arguably the most disruptive of GenAI cloud computing customers, and its success is likely to act as a force multiplier for other cloud vendors and LLM providers to accelerate their capex, positive for multiple chip, memory, optical, networking, and foundry suppliers,” wrote Bank of America analyst Vivek Arya, who estimates the agreement could be worth over $100 billion over the next four to six years.

As of publishing, we’ve tallied up 22 cases where the sell side has hiked its price target on the chip designer since news of the deal broke:

  • Jefferies, to $300 from $170 (also upgraded the stock to “buy” and had raised its price target just last week!)

  • Melius, to $300 from $200

  • Barclays, to $300 from $200

  • Wells Fargo, to $275 from $185

  • Argus Research, to $275 from $200

  • Cantor Fitzgerald, to $275 from $200

  • Truist, to $273 from $213

  • Benchmark, to $270 from $210

  • New Street Research, to $265 from $230

  • Bank of America, to $250 from $200

  • Roth Capital, to $250 from $200

  • Morgan Stanley, to $246 from $168

  • Baird, to $240 from $175

  • President Capital Management, to $240 from $186

  • Evercore ISI, to $240 from $188

  • Stifel, to $240 from $190

  • Piper Sandler, to $240 from $190

  • Citi, to $215 from $180

  • Goldman Sachs, to $210 from $150

  • Morningstar, to $210 from $155

  • Bernstein, to $200 from $140

  • Deutsche Bank, to $200 from $150

Bloomberg has average price target data going back to September 2005. Over the past two decades and change, there have been only 12 instances where the two-day average price target rose more than the 16% upward revision since the OpenAI pact was announcement.

  • Jefferies, to $300 from $170 (also upgraded the stock to “buy” and had raised its price target just last week!)

  • Melius, to $300 from $200

  • Barclays, to $300 from $200

  • Wells Fargo, to $275 from $185

  • Argus Research, to $275 from $200

  • Cantor Fitzgerald, to $275 from $200

  • Truist, to $273 from $213

  • Benchmark, to $270 from $210

  • New Street Research, to $265 from $230

  • Bank of America, to $250 from $200

  • Roth Capital, to $250 from $200

  • Morgan Stanley, to $246 from $168

  • Baird, to $240 from $175

  • President Capital Management, to $240 from $186

  • Evercore ISI, to $240 from $188

  • Stifel, to $240 from $190

  • Piper Sandler, to $240 from $190

  • Citi, to $215 from $180

  • Goldman Sachs, to $210 from $150

  • Morningstar, to $210 from $155

  • Bernstein, to $200 from $140

  • Deutsche Bank, to $200 from $150

Bloomberg has average price target data going back to September 2005. Over the past two decades and change, there have been only 12 instances where the two-day average price target rose more than the 16% upward revision since the OpenAI pact was announcement.

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markets
Jon Keegan

GitLab shares soar on earnings and revenue beat

Shares of GitLab soared over 8% in after-hours trading after the company’s quarterly results beat analyst expectations for earnings and revenue.

For FY2027 Q1, the code development and security platform posted:

  • Revenues of $264.2 million (estimate: $254 million).

  • Adjusted earnings per share of $0.23 (estimate: $0.21).

In a press release, GitLab CEO Bill Staples wrote, “The agentic era is creating structural tailwinds for GitLab, and Q1 showed it clearly with accelerating platform activity and promising traction from GitLab Duo Agent Platform.”

As AI eats the software development world, platforms for human coders like GitLab are facing some existential threats. Last month, GitLab shares dropped after it announced a restructuring plan, slashing its country footprint by 30%, and today it confirmed that 350 team members would be cut. The company said it expects the restructing to be complete by the end of FY 2027.

Shares of GitLab were down about 15% year to date heading into the report.

markets
Paige Oamek

Nuclear stocks gain as federal officials approve plan to restart Three Mile Island

US officials have given Constellation Energy the green light to turn the Three Mile Island nuclear power plant back on.

On Monday night, the Federal Energy Regulatory Commission filed a waiver allowing the company to transfer grid rights from a gas-fired power plant outside Philadelphia to Three Mile Island. The company says that due to the waiver, it aims to restart the nuclear power facility by 2027 in order to supply Microsoft data centers with energy.

Additionally, other nuclear stocks like Oklo, GE Vernova, Energy Fuels, and Cameco Corp. traded higher Tuesday afternoon.

This comes after last week’s Energy Department announcement that it would provide weapons-grade plutonium to five energy startups, including Oklo, to be processed into fuel to generate electricity.

Companies have said these weapons stockpiles are a way to get nuclear reactors fueled quickly as the industry scales.

Tasha Matsumoto
2h
S&P 500 closes at record high for sixth consecutive session

Stocks continued their longest win streak in over a year while oil prices ticked up.

Cowboy Riding a Bull - stock illustration
markets
Helena Cheng

Victoria’s Secret jumps after posting surging sales and raising full-year outlook

Victoria’s Secret shares are up more than 40% in early trading after the apparel retailer delivered a strong Q1 earnings beat and substantially lifted its full-year guidance. It was a welcome win for the company as it officially changed its stock ticker symbol to VSXY from VSCO on the New York Stock Exchange.

Key numbers:

  • Adjusted earnings per share of $0.60 (compared to analyst estimates of $0.30).

  • Net sales of $1.56 billion, a 15% year-over-year increase (estimate: $1.52 billion).

  • Adjusted operating income of $80 million (estimate: $42 million).

Comparable sales rose 13% during the quarter, beating the estimated 12%. The company said double-digit growth was recorded across its Victoria’s Secret, PINK, and Beauty brands, as well as across stores and direct and international channels.

Buoyed by the strong momentum, management raised the retailer’s full-year guidance. Victoria’s Secret now projects full-year net sales to reach between $7.03 billion and $7.13 billion, up from a previous cap of $6.95 billion. Adjusted operating income is now anticipated to land between $550 million and $580 million, a jump from the previously projected range of $430 million to $460 million.

“Our customer responded strongly to our product innovation, emotionally resonant storytelling, and distinct brand projection, driving double-digit growth in new customer acquisition, increased regular-price selling, and broad-based strength across categories, channels, and geographies,” CEO Hillary Super said in a statement. “These results reflect the progress we are making against our Path to Potential strategy as we continue to strengthen customer connection, build brand heat, and drive sustainable long-term growth.”

The company’s “Path to Potential” transformation strategy was launched to right-track the business after a multiyear stretch of declining sales and cultural scrutiny. The changed ticker also signals a fresh corporate chapter under Super, who is steering the retailer through a major brand turnaround.

markets
Helena Cheng

Dollar General posts Q1 EPS beat and boosts guidance, though revenue misses slightly

Dollar General reported mixed first-quarter results, pairing an earnings beat and a boosted full-year profit forecast with a slight revenue miss.

Key numbers:

  • EPS of $2 (compared to analyst estimates of $1.90).

  • Revenue of $10.79 billion (estimate: $10.83 billion).

  • Same-store sales growth of 2% year over year.

Shares of the company fell 2.1% in early trading, reversing the gains they had made premarket.

Buoyed by the bottom-line strength, Dollar General also raised its fiscal 2026 profit outlook, now forecasting full-year earnings per share to land between $7.20 and $7.45, up from its previous guidance of $7.10 to $7.35. Meanwhile, management reiterated its full-year same-store sales growth target of 2.2% to 2.7%.

Management noted that the retailer’s increase in profit was boosted by contributions from new stores and growth in same-store sales, partially offset by the impact of store closures.

Heightened economic uncertainty, ongoing US import tariffs, and rising gas prices tied to the Iran war could also be weighing on everyday households’ purchasing decisions, causing them to pull back on spending in general or trade down to more affordable basic essentials.

“Our topline results were highlighted by positive customer traffic and balanced category growth,” Todd Vasos, Dollar General’s CEO, said in the press release. “Looking ahead, we believe the essential nature of our offering and our expansive footprint position us well to navigate the current macroeconomic environment.”

Shares of Dollar General are down more than 20% year to date.

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