Tech, AI, cybersecurity, and chip names are holding up, with mixed action in software and the Mag 7.
CoreWeave (CRWV)
Goldman Sachs raised its price target to $139 from $121 and kept a neutral rating. The stock trades just above $90. The strong August 12 reaction reflects demand outpacing supply, firm pricing across GPU generations, and a credible path to higher margins as new capacity comes online against a growing install base. Business fundamentals look stronger: customers want the AI infrastructure, demand is there, pricing holds up, and profitability could improve as the company scales. Goldman still sees this as not enough to move off the sidelines, so it stays neutral despite the higher target.
Marvell (MRVL)
A Google deal pressured Broadcom (AVGO) earlier in the week, but AI spending keeps helping companies like Google and other cloud providers. Citi raised its price target to $275 from $225 and kept a buy rating; the stock trades just south of $250. Citi points to higher earnings expectations ahead of the July quarter print due next week. Oppenheimer went more bullish, raising its target to $300 from $250 with an outperform rating. Oppenheimer sees upside to Q2 results and the Q3 outlook, led by AI cloud service provider data center build scale, with Marvell winning the ramps. Spending is becoming large enough that Marvell benefits significantly: a customer wins a contract, builds a data center, Marvell ships more chips, and revenue rises.
Management has gradually raised its outlook to over $11.5 billion. Models show $11.8 billion in top line this year, $16.8 billion next year, and a path to $11 to $12 EPS in 2028. The Google partnership covers much of Marvell's data center AI platform, though the firm does not believe the deal includes a fully-fledged TPU. Earnings come August 27, about a week out.
On financing: Broadcom (AVGO) announced it is tapping the debt market for $70 billion to support its AI buildout, and Nvidia (NVDA) is working with six asset managers. The cyclical spending story is moving into Wall Street and the debt market. Marvell has not said it will tap the debt market yet, and it will be worth watching if it is next.
Walmart (WMT)
Walmart had a mixed week, down 10%, with a bad day yesterday that made it one of the biggest S&P decliners. Shares are still slightly under pressure today but nothing like yesterday. Analysts are split between short-term growth worries and long-term transformation.
The bullish view comes from Freedom Baker, a broker that upgraded Walmart to buy from hold with a $124 price target, calling it a valuation call after the post-earnings selloff. Comp sales came in lower - the worst sales growth in about six years - yet the broker stays constructive on the underlying business and raised several parts of the full-year outlook. Much of yesterday's drop was pinned on valuation rather than the weak comp headline.
The bearish view comes from Gordon Haskett, which downgraded Walmart to accumulate from buy with a $110 price target, calling it a tough start for the new CEO. Same store sales grew 2.6%, the slowest since 2019. Softer traffic trends plus an elevated valuation make a poor mix in the near term, though the firm still likes Walmart's structural positioning long term. That is the core debate: short-term caution against long-term strength.
Other targets: Deutsche Bank at $113, Morgan Stanley at $125, and many others above $130.
