Analysts across major banks revised ratings and price targets on technology and semiconductor names this week, citing advances in artificial intelligence and product roadmaps.
Rothschild & Co Redburn upgraded Apple to Buy from Neutral and raised its price target to $400 from $260, citing the company’s planned entry into foldable smartphones and a strategic shift toward AI. The firm estimates Apple currently spends about $1 billion annually on a customized version of Google’s Gemini AI model while receiving roughly $27.5 billion from Google for search placement on its devices. The new strategy, dubbed “Fast Follower 2.0,” proposes adopting open-source AI models and potentially partnering with Nvidia, whose Nemotron models are said to match closed frontier models. Rothschild projects Apple’s first foldable iPhone, the iPhone Ultra, to launch in September with 14 million units expected to sell in fiscal 2027, cannibalizing 4 million units from traditional iPhone sales. The device is forecast to carry a price tag of $2,199, an 83% premium over the iPhone 17 Pro Max, and could lift the iPhone’s average selling price by 11% by June 2027.
Wolfe Research maintained a broadly constructive view on AI semiconductor stocks ahead of earnings season, with Nvidia identified as the top pick. Analyst Chris Caso highlighted large financing deals by Nvidia and Broadcom as key enablers for AI labs without conventional debt market access to fund multi-gigawatt power agreements struck over the past one to two years. Marvell Technology’s newly announced agreement with Google was described as potentially transformational, with warrant profiles implying up to $120 billion in incremental revenue potential by fiscal 2033.
Bernstein upgraded Analog Devices to Outperform from Market Perform and lifted its price target to $465 from $430 after the company reported third-quarter revenue of $4.022 billion, beating the $3.922 billion estimate, and adjusted earnings per share of $3.45 versus the $3.35 consensus. Gross margins held steady at 72.5%. For the fourth quarter, Analog guided revenue to $4.3 billion, ahead of the $4.085 billion estimate, with adjusted EPS of $3.86 compared with the $3.55 forecast. Gross margin guidance was raised by roughly 150 basis points to about 74%, while operating margins were expected near 52%, roughly 200 basis points above expectations. Bernstein noted Analog’s execution remains robust amid an ongoing industrial recovery and projected fiscal 2028 earnings of $20 per share as “quite plausible.”
Goldman Sachs reiterated a Buy rating on MongoDB ahead of its fiscal second-quarter earnings release on September 1. The bank projected Atlas revenue growth of 29% or more for the quarter, above the company’s guidance of 26% and consistent with a historical beat pattern of about 2.5 percentage points. Fiscal third-quarter growth was expected in the mid-20% range or higher, compared with the 22% consensus. MongoDB’s stock has gained more than 40% over the past month, trading at roughly 9 times enterprise value to sales for fiscal 2028, a discount to Snowflake at 15 times and Datadog at 16 times. Developer activity, as measured by npm downloads, accelerated to over 80% year-over-year growth in fiscal Q2 from about 55% in fiscal Q1.
Deutsche Bank downgraded SentinelOne to Neutral from Buy and raised its price target to $24 from $17, citing a roughly 90% stock appreciation since April lows that appears to price in a demand inflection for its Mythos platform sooner than expected. The bank noted major cybersecurity peers such as Palo Alto Networks, CrowdStrike and Zscaler trade at superpremium valuations, with 2027 free cash flow multiples around 4 times growth. The downgrade was supported by mixed results from a quarterly reseller survey and fieldwork conducted at Black Hat 2026. SentinelOne and Netskope were characterized as “prove-it” stories trading at cheaper 2027 enterprise value to revenue multiples than Zscaler.
