From Nasdaq: 2024-05-08 20:56:04

The first quarter of 2024 saw a 48% year-over-year earnings increase for the ‘Magnificent 7’ tech stocks, in contrast to a 2% decline in the other S&P companies. Bank of America expects the remaining S&P companies to close the gap and predicts a 15% earnings share gain for the Mag 7 stocks in Q4. Cisco Systems recently acquired analytic software company Splunk, positioning itself as one of the world’s largest software companies with new security and observability solutions. Despite recent stock underperformance, Bank of America analyst Tal Liani believes Cisco’s strengths in AI and Security, as well as the Splunk acquisition, outweigh the weaknesses. Liani predicts a 25% upside with a $60 price target. 89Bio, a research-based biopharmaceutical company, is focused on developing treatments for liver and cardio-metabolic diseases. Their drug candidate, BIO89-100, is showing promise in clinical studies for NASH and SHTG with statistically significant improvements in liver health markers. Analyst Alexandria Hammond from Bank of America sees compelling upside potential for 89Bio’s drug candidate, with a Buy rating and $30 price target representing a 232% one-year upside potential. The stock has a Strong Buy consensus rating from analysts.



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