Analyst Recommendations on AI‑Related Stocks

Raymond James has initiated coverage of SpaceX, assigning a Strong Buy rating and a Street‑high price target of $800. The firm argues that the convergence of industrialized orbital access and artificial intelligence represents the most significant infrastructure shift since the Internet. Analyst Brian Gesuale estimates SpaceX’s total addressable market at roughly $30 trillion, driven primarily by the Starship system, which he says cuts launch costs by more than 99% and expands payload capacity by an order of magnitude, turning orbital launch into a commercial‑aviation‑like network. Raymond James projects SpaceX revenue to rise from $38.5 billion and EBITDA of $17.7 billion today to $837 billion in revenue and $696 billion in EBITDA by 2031. The $800 target is derived from a 27× exit‑multiple DCF on the 2031 EBITDA estimate, compared with a peer‑group multiple of 60.7× on 2028 forecasts.

Bank of America reiterated its Buy rating on Alibaba Group Holding Ltd, setting a $172 per ADS price objective ahead of its June‑quarter earnings. Analysts led by Joyce Ju forecast June‑quarter revenue growth of 8.8% YoY, aligning with consensus, and expect cloud revenue to accelerate to 45% YoY (up from 38% in the March quarter) with cloud margins improving to 11% from 9%. Alibaba’s core advertising and commissions business is projected to decline 7.7% YoY. BofA estimates consolidated EBITA of RMB 26.2 billion for the quarter, down 33% YoY but above consensus, aided by a reduction in quick‑commerce losses to RMB 10 billion (from RMB 18 billion in March) and an average loss per order improving to RMB 1.7 (from RMB 3.2). The bank expects fiscal 2027 to mark a key earnings inflection, with core commerce profits returning to growth as quick‑commerce losses narrow materially. BofA maintains its fiscal 2027‑28 revenue forecasts and raises earnings estimates by 0‑2%, citing disciplined cost management. At projected 18× (2027) and 13× (2028) non‑GAAP earnings multiples, analysts contend the stock does not fully reflect the anticipated earnings inflection.

Mizuho’s TMT specialist Jordan Klein described the market reaction to Samsung Electronics’ preliminary second‑quarter results as an over‑reaction. While Samsung missed revenue expectations, Klein said operating profit would have been a “strong beat” if one‑time bonus expenses were excluded, implying memory operating margins above 80%. He noted that the operating profit for the quarter exceeds Samsung’s total profit over the prior three years combined. The revenue shortfall was attributed to mobile devices, TVs, and LCD panels rather than memory. Klein highlighted that Samsung’s outlook for the memory business into 2H26, due at the end of July, is the key driver. He expects third‑quarter DRAM and NAND pricing to be “very strong versus Q2 levels,” with some forecasts indicating NAND price increases of 35‑40% QoQ. Klein added that upcoming TSMC and ASML results will influence semiconductor pricing more than Samsung’s preliminary numbers, and he finds valuations for both companies “very attractive.”

Bernstein downgraded Salesforce.com Inc from Outperform to Sector Weight, removing its price target. Analyst Jackson Ader cited weak customer feedback on the company’s Agentforce AI product, stating that checks and conversations “have not been strong” and that a recent CIO survey showed Salesforce “being a standout for the wrong reasons.” Bernstein continues to view Salesforce as an incumbent platform with entrenched customers but believes evidence of sustained acceleration from Agentforce is “further out than we’d expected, if it plays out at all.” Customer feedback indicated that data is not organized enough for meaningful AI work and that Agentforce “as a product, just isn’t there.” Ader also noted that more CIOs in the Bernstein survey expect to deprioritize Salesforce in IT budgets over the next 12 months, and he could not find disclosure evidence supporting management’s claim that net‑new average order value (NNAOV) is growing faster than overall AOV.

Stifel upgraded Shopify Inc to Buy, raising its price target from $110 to $150. Analyst J. Parker Lane argued that the sharp year‑to‑date decline creates an attractive entry point for a high‑quality compounder with a widening moat. Lane expects “a realistic path to 30%‑plus revenue growth in 2026 and sustained mid‑20s beyond.” Shopify’s first‑quarter gross merchandise value (GMV) reached $101 billion, up 35% YoY, outpacing the U.S. retail e‑commerce market’s 9.8% growth. Enterprise GMV from merchants exceeding $100 million nearly doubled over the past two years. B2B GMV grew 80% YoY, while international GMV rose 45%. Lane highlighted a geographic imbalance: the U.S. accounts for 63% of Shopify’s 2025 revenue despite representing only 40% of global e‑commerce sales (excluding China), indicating substantial international upside. He praised Shopify’s disciplined operating model and capital allocation, which provide flexibility as “agentic commerce” moves from infancy toward scale.

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