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Max Knoblauch

Wedbush hikes its Carvana price target by 5% to $400, sending shares up

Shares of used car retailer Carvana are seeing a boost on Monday, following an upgrade and a price target hike from Wedbush Securities. The stock climbed more than 3% in premarket trading.

Wedbush upgraded Carvana to “outperform” from “neutral” and hiked its price target on the stock 5% to $400, 29% above the stock’s level heading into this week. In a research note on Monday, analyst Scott Devitt wrote that Carvana shares’ pullback in the past month, primarily attributed to weakness in its rival CarMax and rising concern around credit markets, is overdone.

According to the note, Carvana is on track to surpass CarMax’s retail sales volume by the fourth quarter of 2026, “six months earlier than initially forecasted.” In recent comparable quarters, Carvana was trailing CarMax’s unit sales by about 45,000 vehicles.

Wedbush expects Carvana to reach its 5- to 10-year retail unit sales goal of 3 million annual used vehicle sales by 2033.

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Luke Kawa
3m
The boom in sports gambling and prediction markets is creating “emerging credit risks,” per Bank of America

“For investors this convergence of entertainment and speculative finance signals heightened behavioral risk,” writes BofA.

Craps, Roulette and Sports Betting Debuts at Seminole Hard Rock Hotel & Casino Hollywood
Iren Cipher Mining Data Center Crypto Miners

JPMorgan lifts Cipher Mining to “overweight,” hikes Iren price target

The crypto-miner-turned-AI-data-center trade is back on Monday.

Matt Phillips12m
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Luke Kawa

Broadcom soars as rave reviews for Gemini 3 boost appeal of its custom chips

When spectators saw Michael Jordan blossom as a basketball star, it made them want to buy Nike’s Air Jordans.

Mizuho reckons there’s a similar halo effect for Broadcom based on the rave reviews for Google’s latest GenAI model, which include this ringing endorsement from Salesforce CEO Marc Benioff.

“Gemini 3 was trained and powered on Google homegrown TPU chips, which benefits partner AVGO,” wrote Daniel O’Regan, Mizuho’s managing director of equity trading.

Custom chips (ASICs) are Broadcom’s specialty, and as O’Regan noted, Google and Broadcom codesigned these building blocks for Gemini 3. Boosts to Google’s capex budget have tended to buoy shares of Broadcom, since it’s a big beneficiary of these outlays.

The early positive reception to Gemini 3 implies that: a) Google will want to continue this relationship (and need more chips for training and inference!), and b) other GenAI developers might be more willing to pursue the custom chip route for AI models and inference, perhaps eating into market share for Nvidia’s GPU-based solutions.

To this end, Broadcom announced a collaboration with OpenAI in mid-October to develop and deploy 10 gigawatts of custom AI accelerators.

Nvidia CEO Jensen Huang has argued that GPU-centric data center solutions are superior because of how ubiquitous the firm’s CUDA software is in high-performance computing.

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Matt Phillips

Citi ups Oklo price target as company executes “on all fronts”

Citi analysts lifted their price target for aspiring nuclear power provider Oklo Monday, after meeting with management last week.

They cited progress on the company’s reactor licensing strategy, its new radioactive fuel supply business — part of an acquisition that closed in March — as well as Oklo’s ability to borrow at lower-than-expected costs recently.

Analysts led by Vikram Bagri, who have a “neutral/high risk” rating on the stock, lifted their price target to $95 a share from $68. (It’s currently trading around $90.) They wrote:

“The company is executing on all fronts with new supply contracts for long lead time items, a dual-track licensing approach, diversification through its radioisotope business, and the exploration of new avenues for fuel procurement. We lift our target price as we incorporate radioisotope business.”

In particular, they spotlighted Oklo’s strategy of pursuing licensing for its reactors on parallel tracks with both the Nuclear Regulatory Commission — the traditional decider on all things nuclear in the US — and the Department of Energy, which under the Trump administration has begun issuing faster authorizations for initial development of experimental reactors, without applicants having to wait for full commercial approval of reactor plans from the NRC, as was previously typical. We recently wrote about that approach here.

Oklo has no revenue and Wall Street analysts don’t expect it to have any significant sales until 2028, when they project it will still be seeing losses.

David Crowther, Hyunsoo Rim
Way-Mo-Gems-to-come
2h
Google has smoked the rest of its Big Tech peers this year

Alphabet is top of the BATMMAAN food chain, gaining nearly 60% in 2025.

Texas Governor Abbott And Google Make Economic Development Announcement In Midlothian

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