Stocks to Watch Today: Nvidia, Enphase Energy, and Corning Incorporated
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Stocks to Watch Today: Nvidia, Enphase Energy, and Corning Incorporated

Nvidia (NVDA) surged on analyst upgrades for its AI platform, Enphase Energy (ENPH) recently launched a new battery solution in France, and Corning (GLW) jumped on improved Q2 guidance.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

In a day of significant market movements, three tech stocks are grabbing headlines with notable developments and price shifts. Nvidia Corporation (NASDAQ: NVDA), Enphase Energy, Inc. (NASDAQ: ENPH), and Corning Incorporated (NYSE: GLW) are all experiencing substantial changes in their stock prices and market outlook. These movements come as a result of analyst upgrades, product launches, and improved financial guidance.

Nvidia (NVDA) Soars on Analyst Praise

Nvidia’s stock climbed on Monday, July 8, 2024, following multiple analyst upgrades. The company’s shares rose 1.72% to $128.00, driven by heightened enthusiasm for its upcoming Blackwell AI platform. Both UBS and Wolfe Research raised their price targets to $150, citing “exceedingly robust” demand for Nvidia’s data center components.

The analysts noted that Nvidia’s order pipeline is “materially larger than just two months ago,” with major tech companies like Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOG), Meta (NASDAQ: META), and Amazon (NASDAQ: AMZN) increasing their AI infrastructure spending.

Goldman Sachs projects that big tech will collectively invest over $1 trillion in AI over the next five years, with Nvidia poised to be a primary beneficiary. The company’s stock has seen remarkable growth, with a year-to-date return of 158.46% and a staggering 5-year return of 3,113.35%.

Enphase Energy (ENPH) Launches New Battery in France

Enphase Energy unveiled its IQ Battery 5P in the French solar market on July 8, 2024, marking a significant expansion of its European presence.

The new battery, with a storage capacity of 5 kilowatt-hours, works in conjunction with Enphase’s IQ8 microinverters to provide reliable on-demand energy for residential clients. This launch positions Enphase to capitalize on France’s growing solar market, the fifth-largest in Europe, and tap into the expanding global battery storage market, which is expected to grow at a CAGR of 8.7% through 2029.

Despite the positive news, Enphase’s stock has faced challenges this year, with a year-to-date decline of 22.43%. However, the stock showed signs of recovery on Monday, rising 5.64% to $102.62.

Corning (GLW) Surges on Improved Q2 Guidance

Corning saw its stock surge 11.95% to $43.03 on Monday following the release of improved second-quarter guidance.

The company projected Q2 revenue of $3.6 billion, up $200 million from its previous forecast, marking its first year-over-year growth since Q3 2022. This positive outlook comes after a period of weakened demand and suggests a potential recovery across Corning’s diverse business segments, including Optical Communications, Environmental Technologies, and Life Sciences.

The stock’s strong performance has contributed to a year-to-date return of 43.70% and a 5-year return of 49.00%. Analysts maintain an average price target of $43.05 for GLW, closely aligned with its current trading price.

Disclaimer: The author does not hold or have a position in any securities discussed in the article.