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Teletouch Communications Inc provides telecommunications products and services including cellular, two-way radio, GPS-telemetry, wireless messaging and public safety equipment.

TELETOUCH COMMUNS INC by Teletouch Communications, Inc.

Teletouch Communications Inc

Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) saw its shares surge in its stock price following its second-quarter earnings report,<a href="https://www.benzinga.com/quote/AMD/earnings"> which exceeded expectations.</a>
The semiconductor giant reported earnings of $0.69 per share, surpassing the consensus estimate of $0.68, and sales of $5.835 billion, also ahead of the $5.724 billion forecast. 
Here's how analysts from top firms reacted to AMD's latest performance.
<h1 class="wp-block-heading">BofA Securities: Cautious Optimism Amidst Rising Costs</h1>
BofA Securities analyst Vivek Arya maintains a Buy rating but revises the price target down to $180 from $195.
Arya praises AMD's performance, highlighting strong AI investments and recovery in PC/server markets. However, he notes rising operational expenses and only modest margin expansion as potential concerns. 
Arya expects AMD to grow its sales by 23% YoY in CY24 but warns that near-term consensus expectations might be overly optimistic given the rising cost profile.
<h1 class="wp-block-heading">JPMorgan: Strong Data Center Growth Fuels Optimism</h1>
JPMorgan analyst Harlan Sur keeps a Neutral rating with a $180 price target for AMD.
Sur lauds AMD&#8217;s impressive second-quarter performance, driven by a 21% sequential rise in data center revenues and better-than-expected PC client shipments. He notes AMD's increased CY24 data center GPU outlook to over $4.5 billion, citing improved supply chain dynamics. 
Sur anticipates continued growth in data center and PC segments but a decline in gaming revenue and modest growth in embedded.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40069119/can-amd-stock-hit-180-ai-growth-fuels-data-center-dominance-over-intel">Can AMD Stock Hit $180? AI Growth Fuels Data Center Dominance Over Intel</a>
<h1 class="wp-block-heading">Goldman Sachs: Data Center Growth Drives Future Prospects</h1>
Goldman Sachs analyst Toshiya Hari keeps a Buy rating with a 12-month price target of $175.
Hari views AMD&#8217;s robust data center GPU traction and improving server CPU market share positively. 
While acknowledging potential near-term margin pressures due to increased AI investments, Hari is optimistic about AMD&#8217;s growth trajectory, especially in data center GPUs and enterprise servers. 
He expects AMD to continue outperforming competitors like Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
<h1 class="wp-block-heading">Cantor Fitzgerald: Adjusted Price Target Reflects Market Realities</h1>
Cantor Fitzgerald analyst C.J. Muse lowers the price target to $180 from $200 but remains Overweight on the stock.
Muse is encouraged by AMD's raised MI300 revenue outlook to over $4.5 billion and strong performance in server CPUs. He notes that while investor fears about MI300 demand may have been overstated, the company&#8217;s gaming and embedded businesses are experiencing challenges. 
Muse expects AMD to benefit from robust server CPU and client CPU growth despite a more muted outlook for gaming.
<h1 class="wp-block-heading">KeyBanc Capital Markets: Positive Outlook Driven by MI300</h1>
KeyBanc Capital Markets analyst John Vinh maintains an Overweight rating, bolstered by AMD's strong second-quarter results and raised MI300 revenue outlook. The price target is $220.
Vinh highlights the continued growth in traditional server markets and above-seasonal PC demand driven by new product launches. 
While noting weaker projections for embedded and gaming segments, he is optimistic about AMD's overall performance and growth potential in the AI and server markets.
<h1 class="wp-block-heading">Wedbush Securities: Bullish on AI and Market Position</h1>
Wedbush Securities analyst Matt Bryson reiterates an Outperform rating with a price target of $200.
Bryson is impressed by AMD's performance, particularly the strong growth in MI300 sales and the revised 2024 revenue outlook. 
He views AMD as a major contender in the AI GPU market, with potential to surpass expectations in 2025. Bryson remains positive about AMD's growth in server compute and PC sales, despite challenges from competitors.
<h1 class="wp-block-heading">Oppenheimer: Cautious Amidst Market Pressures</h1>
Oppenheimer analyst Rick Schafer maintains a Perform rating, citing AMD's mixed outlook and the potential dilution of its AI growth story by low-growth segments like PC and gaming.
Schafer notes that while AMD&#8217;s AI product ramp is impressive, ongoing challenges in gaming and embedded markets temper his optimism. He remains cautious about AMD's ability to sustain profitability in a competitive landscape.
<h1 class="wp-block-heading">Truist Securities: Concerns Over Market Position</h1>
Truist Securities analyst William Stein raises the price target to $156 but stays at a Hold rating.
Stein acknowledges AMD&#8217;s raised AI GPU guidance and solid data center growth but remains concerned about AMD's competitive positioning compared to Nvidia. 
He highlights potential pressures from new CPU competitors and maintains a cautious stance on AMD's long-term prospects.
<h1 class="wp-block-heading">ROTH • MKM: Confident in AI Momentum</h1>
ROTH • MKM analyst Suji Desilva continues with a Buy rating and a price target of $200.
Desilva is encouraged by AMD's raised AI GPU revenue expectations and broadening traction in data center and client segments. Despite challenges in gaming and embedded markets, Desilva remains confident in AMD's ability to deliver strong growth and maintains a positive outlook on its AI and data center businesses.
AMD&#8217;s second-quarter earnings report has received a range of reactions from analysts, reflecting a mix of optimism about the company&#8217;s AI and data center growth, tempered by concerns over rising costs and competitive pressures.
Most analysts remain positive about AMD's long-term prospects, with some adjusting their price targets to reflect current market conditions and future expectations.
Read Next: 
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<li><a href="https://www.benzinga.com/news/earnings/24/07/40075653/amd-ceo-lisa-su-says-ai-is-in-early-stages-of-multiyear-supercycle-theres-tremendous-need-for-more-">AMD CEO Lisa Su Says AI Is In Early Stages Of Multiyear &#8216;Supercycle&#8217;: &#8216;There&#8217;s Tremendous Need For More Compute&#8217;</a></li>
</ul>
Photo: Shutterstock

Analyst Color

Earnings

Long Ideas

Analyst Ratings

Tech

Trading Ideas

INTC

NVDA

AMD's Q2 Earnings: 9 Analysts Remain Positive On Long-Term Prospects, AI Optimism Tempered By Cost Concerns

Meteorologists are tracking a low-pressure system in <a href="https://www.benzinga.com/markets/esg/24/05/39012013/noaa-meteorologists-predict-aggressive-hurricane-season-what-it-means-for-home-depot-generac-other-s">the Atlantic Ocean </a>just east of of the Caribbean Islands that may develop into a tropical storm by the time it reaches the U.S. over the next few days.
The storm is &#8220;relatively dormant or poorly organized&#8221; as a tropical wave, but it may strengthen as it approaches Florida, AccuWeather<a href="https://www.accuweather.com/en/hurricane/caribbean-and-us-on-alert-as-tropical-rainstorm-may-strengthen/1673320"> reported</a>.
A tropical wave is a low-pressure area that moves from the Indian Ocean across Africa to the Atlantic Ocean and sometimes develops into a tropical depression, tropical storm or hurricane. Tropical waves typically increase in August due to high water temperatures and less disruption from dry air, dust and wind shear, which are stiff, steady breezes.
&#8220;Around this weekend, the wave will move into an area with fairly low shear and ample moisture, and that could allow some organization and strengthening,&#8221; Alex DaSilva, AccuWeather&#8217;s lead hurricane expert, said.
Read Also: <a href="https://www.benzinga.com/top-stories/24/07/39668096/hurricane-beryl-expected-to-weaken-to-tropical-storm-as-it-hits-texas">Hurricane Beryl Expected To Weaken To Tropical Storm As It Hits Texas</a>
&#8220;The tropical wave is currently battling a harsh environment in a sea of dry air as it moves west across the Atlantic. The dry air is working to keep the wave from gaining any organization during this week,&#8221; he added.
The tropical wave is expected to strengthen into tropical rainstorm after meeting with &#8220;another ripple in the atmosphere,&#8221; AccuWeather said, but it is unknown exactly when and where that will happen.
This feature will interact with another ripple in the atmosphere in the short term, causing the two to consolidate into one low-pressure area.
&#8220;A major caveat is where the tropical rainstorm tracks,&#8221; DaSilva said. &#8220;If it tracks north of the Greater Antilles, then it will have a better chance to develop, as it will be removed from the towering mountains of Puerto Rico, Hispaniola and Cuba.&#8221; 
If the storm moves just to the north of the big islands of the northern Caribbean later this week, it may be a concern for the East Coast states, including Florida and the Carolinas. But if the storm tracks over the big islands, it may be more of a problem for the U.S. Gulf Coast later on, according to AccuWeather.
Price Action: Companies that make electric generators and the retailers that sell them showed mixed performances by Wednesday&#8217;s midday trading.
<ul>
<li>Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) declined 1.83% to $152.72</li>
<li>Ingersoll Rand Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IR#NYSE">IR</a>) picked up 1.36% to $100.2</li>
<li>The Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) gained 1.25% to $368.29 </li>
<li>Loews Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>) slipped 0.35%</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/news/24/07/39581491/whats-going-on-with-cruise-stocks-as-category-4-hurricane-beryl-churns-in-the-caribbean">What&#8217;s Going On With Cruise Stocks As Category 4 Hurricane Beryl Churns In the Caribbean?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

News

Retail Sales

GNRC

Tropical Wave In Atlantic May Strengthen Into Storm, Poses Threat To US Coastlines

JP Morgan analyst Peter Peng maintains Skyworks Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>) with a Neutral and raises the price target from $105 to $120.

Price Target

SWKS

JP Morgan Maintains Neutral on Skyworks Solutions, Raises Price Target to $120

Goldman Sachs analyst Brian Lee reiterated a Buy rating on First Solar, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/FSLR/analyst-ratings" rel="noreferrer noopener">price target of $311, up from $302</a>.
First Solar reported fiscal 2024 <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40051107/first-solar-reports-strong-q2-results-eps-beat-sales-up-24" rel="noreferrer noopener">second-quarter revenue</a> of $1 billion, above Goldman Sachs estimate and FactSet consensus of $969 million and $940 million, supported by ~3.4GW of shipments (vs. Goldman Sachs estimate of 3.4GW).
The consolidated gross margin of 49.4% came in well above Goldman Sachs&#8217;s estimate of 42.7%. The improvement in gross margins drove the large EPS beat as FSLR reported adjusted EPS of $3.25 versus Goldman Sachs estimate and consensus of $2.68 and $2.71.
Looking ahead, the analyst said that First Solar remains in a position of strength to potentially benefit from ongoing uncertainties in the market and secular demand uplift from megatrends such as load growth primarily driven by data center demand.
Lee continues to anticipate policy uncertainties about the November presidential election to be an overhang on the stock in terms of headline risk; however, policy uncertainty in the U.S. tends to be a tailwind for First Solar and will likely be of heightened focus for investors over the coming quarters.
Lastly, as the company continues to make progress on technology, Lee expects incremental ASP adders to be a critical catalyst that could drive ASPs higher in 2025-2028, which would provide an uplift to both revenue and earnings.
Lee projects fiscal 2024 revenue and EPS of $4.44 billion (prior $4.53 billion) and $13.74 (prior $13.64).
RBC analyst Christopher Dendrinos had an Outperform rating with a price target of $315.
Dendrinos noted that First Solar reported a strong earnings beat and affirmed its guideline. However, revenues, net cash, and sales volumes will likely be at the lower end of the guideline due to a customer termination.
Pricing remains solid, but the analyst said near-term political uncertainty is complicating customer decisions and causing some to pause orders. While a Republican sweep does create an elevated risk of an IRA repeal, the analyst flagged the 45X domestic manufacturing tax credit will continue to garner bipartisan support and thinks that the Republican Party&#8217;s more aggressive protectionist policies could strengthen First Solar&#8217;s competitive position and keep foreign manufacturers from expanding domestically.
Dendrinos projected fiscal 2024 revenue and EPS of $4.43 billion (prior $4.44 billion) and $13.47 (prior $13.37).
KeyBanc analyst Sophie Karp remained Sector Weight, given persistent macro concerns related to pricing and policy trajectory.
Karp said that, with an uncertain policy environment, First Solar saw its bookings slow down.
According to the analyst, the company remained selective, and its customer base became more cautious, given multiple policy uncertainties related to the U.S. elections and tariff proceedings.
Karp projected fiscal 2024 revenue and EPS of $4.6 billion and $13.3.
Piper Sandler analyst Kashy Harrison had an Overweight rating with a price target of $250.
Given recent delivery pricing, First Solar&#8217;s order pricing aligned with Harrison&#8217;s expectations. However, the lack of meaningful order momentum was disappointing, per the analyst.
He said that order weakness is mainly driven by policy uncertainty, which may disproportionately impact First Solar since the company is booking fiscal 2027 and 2028 orders.
On a positive note, Harrison noted that First Solar highlighted its data center exposure and provided some catalysts that should improve its domestic position over time.
Overall, investors were looking for solid order pricing and momentum but will likely need to wait until the elections have concluded to improve confidence in the long-term trajectory.
Harrison projected fiscal 2024 revenue and EPS of $4.45 billion and $13.50 (prior $13.74).
Oppenheimer analyst Colin Rusch had an Outperform rating with a price target of $326, up from $325.
First Solar delivered strong results while reiterating guidance despite an anticipated 400MW de-booking in the quarter, Rusch noted.
While he said investors are correctly focused on risk to the IRA from a possible Republican sweep and the potential positive impact of import duty level determination in the recent AD/CVD ruling, underlying demand appears to be strong as pricing on new bookings continued higher, including a new U.S. customer supporting a hyperscaler with 0.6GWW project.
The analyst continues to see an upside to power pricing and generation equipment driven by data center demand. He is also encouraged by incremental improvement on Series 7 conversion efficiency, suggesting potential for First Solar to capture nearly $0.02/W in contracted technology adders.
Rusch projected fiscal 2024 revenue and EPS of $4.5 billion and $13.60 (prior $13.65).
Price Action: FSLR shares traded lower by 0.06% at $210.77 at the last check on Wednesday.
Photo by mariana-proenca via Unsplash

Reiteration

FSLR

First Solar Sees Strong Growth From Data Center Demand But Faces Policy Uncertainties: Analysts Opine On Q2 Performance

WIIM

Dana shares are trading higher after the company reported better-than-expected Q2 adjusted EPS results.

JMP Securities analyst Patrick Walravens maintains Vertex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERX#NASDAQ">VERX</a>) with a Market Outperform and raises the price target from $42 to $47.

VERX

JMP Securities Maintains Market Outperform on Vertex, Raises Price Target to $47

MTLS

Materialise NV shares are trading higher after the company reported better-than-expected Q2 financial results.

JP Morgan analyst Andrew Steinerman maintains S&amp;P Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>) with a Overweight and raises the price target from $550 to $565.

SPGI

JP Morgan Maintains Overweight on S&P Global, Raises Price Target to $565

JP Morgan analyst Rachel Vatnsdal maintains Repligen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGEN#NASDAQ">RGEN</a>) with a Overweight and raises the price target from $190 to $200.

RGEN

JP Morgan Maintains Overweight on Repligen, Raises Price Target to $200

A new Biden administration rule that will <a href="https://www.benzinga.com/markets/equities/24/07/40057897/amd-partners-with-microsoft-meta-and-google-on-new-ai-accelerator-link-standard-to-challenge-nvi">expand U.S. powers</a> on stopping exports of semiconductor manufacturing equipment from some foreign countries to China will serve as a boon to the industry, according to a prominent tech analyst.
A current Foreign Direct Product rule already gives the U.S. the ability to stop products made from U.S. technology, including those made in a foreign country, from being sold to China.
The White House expects to reveal the new measure in August. It excludes exports from foreign countries that make key equipment, such as Japan, the Netherlands and South Korea, Reuters reported.
It would also prohibit several Chinese companies that play a major role in China&#8217;s chipmaking efforts from receiving exports from countries such as Israel, Taiwan, Singapore and Malaysia.
&#8220;It's bullish for the chip sector and AI Revolution trade because it puts a tight rope around restrictions and tariffs,&#8221; Wedbush Securites analyst Dan Ives told Benzinga on Wednesday. &#8220;It&#8217;s a huge positive for the supply chain.&#8221;
Ives is Wedbush&#8217;s managing&nbsp;director&nbsp;and&nbsp;senior&nbsp;equity&nbsp;research&nbsp;analyst&nbsp;covering&nbsp;the&nbsp;technology&nbsp;sector.
Read Also:<a href="https://www.benzinga.com/etfs/sector-etfs/24/07/40047835/dell-nvidia-amd-stocks-tumble-as-semiconductor-rally-stalls"> Dell, Nvidia, AMD Stocks Tumble As Semiconductor Rally Stalls</a>
Chinese foreign ministry spokesperson Lin Jian told Reuters that efforts by the U.S. to &#8220;coerce other countries into suppressing China&#8217;s semiconductor industry&#8221; undermines global trade and hurts all parties.
Lin added that China hopes relevant countries would resist U.S. efforts and protect their long-term interests.
&#8220;Containment and suppression cannot stop China&#8217;s development, but will only enhance China&#8217;s determination and ability to develop its scientific and technological self-reliance,&#8221; Lin told the wire service. 
Aiming to impede supercomputing and AI breakthroughs that could benefit the Chinese military, the U.S. imposed export controls on chips and chipmaking equipment for China in 2022 and 2023.
The new rule is currently in draft form. It shows how Washington is seeking to keep up the pressure on China&#8217;s burgeoning semiconductor industry but without antagonizing allies.
Price Action: New York-listed U.S. chipmakers trended upward as of Wednesday&#8217;s mid-afternoon trading.
<ul>
<li>Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) jumped 11.3% to $115.48</li>
<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) rose 10.2% to $158.16</li>
<li>Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) gained 4.67% to $144.61</li>
<li>Texas Instruments Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) edged up 1.16% to $202</li>
<li>Qualcomm Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) went up 5.21% to $157.63</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/40075799/semiconductor-stocks-set-for-strongest-day-in-5-months-as-chip-export-concerns-subside-top-wedne">Semiconductor Stocks Set For Strongest Day In 5 Months As Chip Export Concerns Subside: Top Wednesday Movers</a></li>
</ul>

Asia

Global

Markets

AVGO

QCOM

Biden Rule On Semiconductor Exports To China Is 'Huge Positive' For Chip  Sector, Supply Chain: Dan Ives

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are trading higher today. Goldman Sachs analyst Michele Della Vigna revised estimates after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40031178/bps-mixed-q2-results-eps-tops-estimates-production-challenges-raised-dividend-more" rel="noreferrer noopener">second-quarter FY24&nbsp;results yesterday</a>.
The British oil and gas giant reported sales and other operating revenues of&nbsp;$47.299 billion, missing the consensus of&nbsp;$52.925 billion.
Also, Underlying RC profit per American Depositary Share (ADS) came in at&nbsp;$1.00,<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener"> beating the consensus of&nbsp;$0.92.&nbsp;</a>
BP has announced a 10% increase in its interim dividend to 8.000 cents per ordinary share and completed&nbsp;$1.75 billion in share buybacks during the quarter.
According to their estimates, the analyst writes that BP offers a free cash flow yield of approximately 15.2% (2024E), the highest among EU majors.
This is due to cost and capital efficiency improvements, with the company&#8217;s breakeven oil price dropping over 75% from its peak, as BP enhances existing infrastructure through cash flow-generative brownfield projects, says the analyst.
Following the results, the analyst adjusted the estimates, resulting in EPS changes of about -8% for 2024, -8% for 2025, and -4% for 2026, primarily due to lower refining margins and gas prices.
Goldman Sachs reiterated a Buy rating with <a target="_blank" href="https://www.benzinga.com/quote/BP/analyst-ratings" rel="noreferrer noopener">a price target of $48</a>.
Price Action: BP shares are up 1.77% at $35.43 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/39769901" target="_blank" rel="noreferrer noopener">BP Joins Audi&#8217;s F1 Grid: The Race for Sustainable Motorsport Heats Up</a></li>
</ul>

Equities

Large Cap

BP's High Free Cash Flow Yield And Efficient Capital Improvements Drive Confidence: Goldman Sachs

<a href="https://www.cnbc.com/2024/07/31/uaw-union-endorses-vice-president-kamala-harris-over-trump.html" title="https://www.cnbc.com/2024/07/31/uaw-union-endorses-vice-president-kamala-harris-over-trump.html">https://www.cnbc.com/2024/07/31/uaw-union-endorses-vice-president-kamala-harris-over-trump.html</a>

Politics

General

STLA

'UAW union endorses Vice President Kamala Harris over Trump' - CNBC

Mondelez International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>) reported better-than-expected second-quarter adjusted EPS results and r<a href="https://www.benzinga.com/quote/MDLZ/earnings">aised its dividend on Tuesday</a>.
Mondelez International reported quarterly earnings of 86 cents per share which beat the analyst consensus estimate of 79 cents per share. The company reported quarterly sales of $8.343 billion which missed the analyst consensus estimate of $8.454 billion.
Mondelēz raised its quarterly dividend by 11% from 42.5 cents to 47 cents per share.
&#8220;We continued to execute against our strategic growth agenda in the second quarter with strong profitability and attractive cash flow generation. Our performance was fueled by our commitment to reinvesting in our brands, capabilities, ongoing price execution and cost discipline,&#8221; said Dirk Van de Put, Chair and Chief Executive Officer. &#8220;We are well positioned for the second half of the year with the completion of European pricing, the addition of new value offerings in the U.S. and significant distribution runway across key emerging markets. Our teams remain focused on delivering our long-term growth agenda while remaining agile in this dynamic operating environment.&#8221;
Mondelez shares gained 3.2% to trade at $69.20 on Wednesday.
These analysts made changes to their price targets on Mondelez following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/580ded6b846faa000106aeb1/michael-lavery">Piper Sandler analyst Michael Lavery </a>maintained Mondelez International with an Overweight rating and raised the price target from $76 to $78.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e3019a9430dee0001c88a95/ken-goldman">JP Morgan analyst Ken Goldman</a> maintained Mondelez with an Overweight rating, while increasing the price target from $72 to $73.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/40068197/jim-cramer-says-this-home-improvement-chain-is-a-buy-ahead-of-fed-rate-cut-cycle-i-would">Jim Cramer Says This Home Improvement Chain Is A Buy Ahead Of Fed Rate Cut Cycle: &#8216;I Would Pick Some Up Tomorrow&#8217;</a></li>
</ul>

MDLZ

Mondelez Analysts Boost Their Forecasts After Upbeat Earnings

JP Morgan analyst Peter Peng maintains Qorvo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) with a Underweight and raises the price target from $100 to $115.

QRVO

JP Morgan Maintains Underweight on Qorvo, Raises Price Target to $115

JP Morgan analyst Pinjalim Bora maintains Pegasystems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEGA#NASDAQ">PEGA</a>) with a Overweight and raises the price target from $78 to $83.

PEGA

JP Morgan Maintains Overweight on Pegasystems, Raises Price Target to $83

JMP Securities analyst Devin Ryan maintains PJT Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PJT#NYSE">PJT</a>) with a Market Outperform and raises the price target from $120 to $142.

JMP Securities Maintains Market Outperform on PJT Partners, Raises Price Target to $142

Benchmark Electronics shares are trading higher after the company reported better-than-expected Q2 financial results and issued Q3 adjusted EPS guidance above estimates. Also, Needham and Lake Street raised their respective price targets on the stock.

Constellation Energy Corporation shares are trading higher today after the release of results of the annual power market auction by PJM Interconnection.

For months, one of the key arguments the bulls have used for thinking that the stock market should keep on rallying in the second half of 2024 and beyond has been the thought that the Fed is close to cutting interest rates.&nbsp; We, on the other hand, have been saying that history tells us that these would very likely be bearish developments.&nbsp;
Despite what so many pundits say on Wall Street, lower interest rates are NOT a bullish sign for the stock market…when they follow a significant tightening cycle (like the one we went through in recent years).&nbsp; It's one thing when rates come down due to lower inflation, but it's another thing when it takes place due to a meaningful slowdown in growth.&nbsp; When the latter happens, it is NOT good for a stock market…especially one that is very expensive (like it is today).&nbsp;&nbsp;Slower growth means lower earnings…and lower earnings mean a lower stock market (especially if it's an expensive stock market).&nbsp; This will be the case…even if the "slower growth" does not push us into a recession.&nbsp; (If it DOES push us into a recession, it will be EXTREMELY bearish.)
Looking Forward: Yes, it was great to see last week that the GDP growth in Q2 was higher than the consensus was looking for (2.8% vs. the 2.0% estimate).  However, there is a reason that the GDP reports almost never have much impact on the markets.  They're about as backward looking as any data point economists look at on a regular basis.  So, it was not a surprise that the Treasury market and stock market both ignored that report on Thursday…and moved lower.  However, we're getting a lot of evidence from forward looking information…like the guidance from many consumer-related companies (like Visa, Ford, American Airlines, Nestle, McDonalds, UPS, Coca Cola…and even BofA)…that the consumer is really beginning to pull in their horns……We also see the data on credit card balances that are past due…which have reached their highest level since 2012.  On top of this, the housing market is showing some real signs of weakness.  So, there is no question that there are concerns about growth in the US going forward.
On top of all this, we have the former Fed NY Fed President Bill Dudley penning an article that came out last week…saying that the Fed should cut interest rates at next week's July meeting.  This is a big change for him…and former Fed officials (especially former NY Fed Presidents…who are EXTREMELY influential) do not write pieces like that lightly.  If he is seeing something that tells us that the Fed needs to be more aggressive, it's something we should all take note of.  Heck, Mr. Dudley finished his piece by saying, "Although it might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily increases the risk."  So, it doesn't seem like this extremely influential person is overly bullish on the economic outlook right now.
As we've said many times, if the stock market was trading at 15x or 16x forward earnings, we'd be signing a different tune.  However, as the charts we have provided below (and provided several times in recent weeks), it shows that when interest rates/bond yields roll-over after a significant rise…at a time when the stock market was expensive…it has been very, very negative for stocks…..So, investors need to be careful about what they wish for when it comes to lower short-term interest rates from the Federal Reserve.
<figure class="wp-block-image"><a href=" https://www.benzinga.com/premium/ideas/turning-point-trader-checkout-2/?t=tu1tu3spmiretp1&amp;utm_source=RD0731"><img decoding="async" src="https://mail.google.com/mail/u/0?ui=2&amp;ik=58eb851bd9&amp;attid=0.1&amp;permmsgid=msg-f:1806116998934769706&amp;th=19109dd7604d302a&amp;view=fimg&amp;fur=ip&amp;sz=s0-l75-ft&amp;attbid=ANGjdJ9fhxj5-sllfSHL9GySk3n3vyTwF5MH7DxmxrXPx7uZodHrmkt-2ebQTwVjK4gFb_Eizq0xmZsf-hKVGDQoTg4A7YGzwLcYAL5K9GurNcCmWP7HHciUbW4Mx1Q&amp;disp=emb" alt="" /></a></figure>
For more Matt Maley, <a href="https://www.benzinga.com/premium/ideas/turning-point-trader-checkout-2/?t=tu1tu3spmiretp1&amp;utm_source=RD0731">Click Here</a>
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