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Midday Wrap: Apple, Nvidia Benefit From Positive Analyst Notes

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Apple undefined stock got a boost from a mostly bullish note from Nomura Instinet. Analyst Jeffrey Kvaal said solid demand for the iPhone 11 should help Apple navigate a likely tricky first quarter.

The firm raised its first-quarter EPS estimate to $4.44 from $4.30 per share and full-year 2020 EPS estimate to $13 from $12.55 per share. The Street's consensus estimates for both time periods are $4.39 and $12.67 per share, respectively.

Nomura also raised its price target on Apple to $205 from $185, below its closing price, as the firm believes Apple's current multiple is unreasonable, considering its slowing growth.

Shares of Nvidia (NVDA) - Get NVIDIA Corporation Report  were rising in trading after analysts at RBC Capital raised the chipmaker's price target to $217 from $190 as positive channel checks suggest positive trends in the company's gaming-related semiconductor chips.

Nvidia's Data Center is expected to recover in the fourth quarter thanks to a product refresh announcement that is expected to come during the period. This development further supports RBC's forecast of expanding gross margins for Nvidia.

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