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펀드 매니저이자 테슬라(NASDAQ:TSLA) 강세론자인 게리 블랙은 테슬라를 둘러싼 장기적인 논쟁과 업계의 미래, 자율주행 및 무인 차량 공유와 같은 트렌드에 대해 의견을 제시했다.

게리 블랙, 우버의 자율주행 기술에 대한 믿음 강화···&#34;나의 테슬라 예측은 옳았다&#34;

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An agreement by the U.S. and China to lower tariff amounts could send technology stocks to new highs, according to a well-known sector analyst.
What Happened: The U.S. is lowering its tariff on goods imported from China from 145% to 30%, while China has agreed to lower its tariff on U.S. goods from 125% to 10%. Both moves are temporarily <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">in place for 90 days</a>.
The deal announced Monday morning came after a series of weekend negotiations between the two countries. 
Wedbush analyst Dan Ives discussed the winners in the tech industry in an interview <a href="https://www.bloomberg.com/news/videos/2025-05-12/us-china-tariff-pause-is-dream-scenario-for-tech-ives-video?sref=TBDibEcD">with</a> Bloomberg.
The Big Winners: Ives highlighted Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) as one of the biggest winners in the technology sector on the heels of the tariff news.
"It puts new tech highs back on the table now for 2025," Ives said.
Ives said tariffs have been the front and center story for Apple with the company hedging and saying it would shift production to India. With the news, Ives said this could slow down the shift to India for the iPhone 17 with China getting the vast majority of the production volume.
"There was a window here where this needed to change."
Ives said the 30% tariff could go lower in the future to a 15% to 20% range, something that might start to get baked into stock prices.
"It's a game changer."
Also Read: <a href="https://www.benzinga.com/25/05/45350995/nrg-energy-posts-upbeat-earnings-joins-tesla-apple-amazon-and-other-big-stocks-moving-higher-on-monday">NRG Energy Posts Upbeat Earnings, Joins Tesla, Apple, Amazon And Other Big Stocks Moving Higher On Monday</a>
Ives said Apple has "pricing power to an extent" and the tariff news still gives the company the flexibility to raise prices if it wants.
The analyst said Apple's AI strategy really needs to produce the iPhone 17 because a large portion of the company's installed base looking to upgrade phones in the next two to three years.
"This puts that key bull case back on the table."
The other big winner named by Ives from the China tariff news is Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
"Tesla's going to be a huge beneficiary in terms of what we see in this de-escalation of the U.S., China tariffs," Ives told CNBC.
During his interview with Bloomberg, Ives was asked about Tesla CEO Elon Musk's whereabouts after his time spent in the White House was viewed as a distraction to many.
"Thankfully not in the White House," Ives said of Musk's whereabouts.
Ives said Musk is back at Tesla driving the company's autonomy strategy ahead of a robotaxi launch in June.
"It speaks to why Tesla is up. You need your leader back. They got their biggest asset back."
Ives said investors will look back and view this as a "pivotal moment for the Tesla story."
Other Winners: During a CNBC interview, Ives said the trade progress between China and the U.S. is a positive for many stocks in the technology sector.
"If you are a tech investor, this is a dream scenario," Ives said.
Ives said the tariff change could see NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) as a big winner.
"They are going to be one especially given the China tariffs."
Ives also named Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), Palantir Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) as companies that the tariff news could be bullish for.
A slide shared during Ives&#8217; discussion about Tesla being a big winner also showed cybersecurity stock picks from Wedbush. That slide included Palo Alto Networks Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), CrowdStrike Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), Zscaler Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>), CyberArk Software Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>) and Check Point Software Technologies Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>). Read Next: <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation"> • Wall Street Rips Higher As Tariff Truce Halts US–China Economic Escalation</a>
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China Tariff De-Escalation Biggest Winners Include Tesla, Apple: 'New Tech Highs Back On The Table Now For 2025'

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares are trading higher Monday after the U.S. and China agreed to a temporary reduction in most tariffs on <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">each other&#8217;s goods</a>.
What To Know: The trade deal will lower U.S. tariffs on Chinese imports from 145% to 30% and Chinese levies on U.S. goods from 125% to 10% for a three-month period, according to <a href="https://www.npr.org/2025/05/12/nx-s1-5395027/us-china-tariffs-deal-trade-war-beijing-washington">NPR</a>.
Vice Premier He Lifeng led the discussions for China, while Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent represented the U.S. side.
At a press conference, Bessent said the two sides recognized mutual interests, including a shared goal of balanced trade. Greer added that the countries see a "positive path forward" in cooperating to fight fentanyl smuggling.
The current U.S. tariff structure includes a 10% base tariff on all imports, plus an extra 20% implemented earlier this year by President Donald Trump amid concerns over Chinese production of fentanyl-related chemicals.
The U.S. is also reportedly negotiating with China to boost its purchases of American goods.
Tesla stock may be trading higher as a reduction in tariffs could alleviate supply chain uncertainty in the sector. Other auto stocks, including Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>), are also trading higher following the news.
Related Link: <a href="https://www.benzinga.com/insights/earnings/25/05/45355288/a-look-ahead-acurx-pharmaceuticalss-earnings-forecast">A Look Ahead: Acurx Pharmaceuticals&#8217;s Earnings Forecast</a>
TSLA Price Action: At the time of publication, Tesla stock is trading 6.3% higher at $317.00, according to data from <a href="https://www.benzinga.com/pro/login">Benzinga Pro.</a>
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A&nbsp;<a href="https://www.tker.co/p/sales-pull-forward-frontrunning-tariffs">big economic question right now</a>: To what degree does today's economic activity reflect a pull forward of purchases that would've occurred further down the road?
<a href="https://www.tker.co/p/companies-react-to-tariffs">One of the actions</a>&nbsp;some companies have taken to&nbsp;<a href="https://www.tker.co/p/wall-street-brief-explanation-tariffs">mitigate the impact of future tariffs</a>&nbsp;has been to pulling forward expected future purchases and stockpiling goods before costs go up.
Various&nbsp;<a href="https://www.tker.co/p/sales-pull-forward-frontrunning-tariffs">anecdotes from companies</a>&nbsp;and a&nbsp;<a href="https://www.tker.co/p/us-gdp-q1-2025-imports-final-sales">spike in imports</a>&nbsp;at the beginning of this year suggest this pull-forward&nbsp;<a href="https://www.tker.co/p/sales-pull-forward-frontrunning-tariffs">could be significant</a>. Here are some notable quotes from Q1 earnings season:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"Our clients are getting ready. We&#8217;re seeing some accelerating of imports to stockpile inventories." &#8211;&nbsp;<a href="https://finance.yahoo.com/news/q1-2025-citigroup-inc-earnings-090042297.html">Citigroup</a>
"Looking outside the U.S., demand for U.S. inbound services surged as customers pull forward inventory purchases ahead of expected tariff changes." &#8211;&nbsp;<a href="https://finance.yahoo.com/news/q1-2025-united-parcel-inc-042120974.html">UPS</a>
"For transparency, you will see that we did build ahead inventory, and that&#8217;s reflected in our manufacturing purchase obligations that you&#8217;ll see on the quarterly filing when it comes out." &#8211;&nbsp;<a href="https://finance.yahoo.com/news/q2-2025-apple-inc-earnings-131259628.html">Apple</a>
"We&#8217;ve done some forward buys of inventory where we&#8217;re the first-party seller. Our third-party sellers have pulled forward a number of items, so they have inventory here as well." &#8211;&nbsp;<a href="http://looking%20outside%20the%20us,%20demand%20for%20us%20inbound%20services%20surged%20as%20customers%20pull%20forward%20inventory%20purchases%20ahead%20of%20expected%20tariff%20changes/">Amazon</a>
"We built some inventory where possible in certain items as we anticipate that to happen. So that gives a little relief of amounts needed to in some of the items. But the impact should be mostly concentrated in the second half." &#8211;&nbsp;<a href="https://finance.yahoo.com/news/q1-2025-kraft-heinz-co-055550241.html">Kraft Heinz</a>
"As a precaution, we&#8217;ve taken steps to build inventory in certain markets to mitigate potential tariff impact in the short term." &#8211;&nbsp;<a href="https://uk.finance.yahoo.com/news/q2-2025-wd-40-co-021703140.html">WD-40</a>
</blockquote>
So how much extra stuff did companies stockpile?
Different analysts will give you different answers.
<h2 class="wp-block-heading">‘About 1 to 2 months' &#x23f3;</h2>
Deutsche Bank's Binky Chadha analyzed the data to estimate how much extra inventory companies have accumulated.
It's not much.
"In clear evidence of pre-buying, goods imports surged in Q1, especially in March, but relative to the prior run rate of $275bn a month, we estimate the excess imports over the last 3 months were about $190bn, or around 3 weeks extra," Chadha wrote in his May 2 research note.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bba64bd-632e-4bde-b3bf-d84a9f218172_2058x1446.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bba64bd-632e-4bde-b3bf-d84a9f218172_2058x1446.png" alt="" /></a><figcaption class="wp-element-caption">"Pre-buying or excess imports has created a buffer of about 3 weeks," Chadha wrote. (Source: Deutsche Bank)</figcaption></figure>
The way companies manage inventory has changed&nbsp;<a href="https://www.tker.co/p/supply-chain-crisis-over">in recent years</a>.
"Companies typically maintain about 3 months of inventory," Chadha wrote. "They have been raising that buffer over the last 10 years, especially since the COVID pandemic supply chain disruptions, and the lowest levels in the last 10 years have been about 2 months, which suggests companies could run their buffers down for a month at most in hopes for a tariff reprieve."
In other words, companies were already carrying extra inventory before President Trump&nbsp;<a href="https://www.tker.co/p/boycott-america-gdp-stock-market-negative-impact">unveiled his aggressive view on tariffs</a>.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1a2aeec6-924c-4be7-bc0c-8f353c22e239_2050x1536.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1a2aeec6-924c-4be7-bc0c-8f353c22e239_2050x1536.png" alt="" /></a><figcaption class="wp-element-caption">"Excess imports combined with inventory rundowns gives companies about 1 to 2 months before the tariff impacts start to bite," Chadha said. (Source: Deutsche Bank)</figcaption></figure>
So while Chadha's estimate of "about 1 to 2 months" of buffer for S&amp;P 500 companies is arguably significant, it doesn't even buy a quarter's worth of time.
<h2 class="wp-block-heading">Some analysts think it's less &#x231b;&#xFE0F;</h2>
In a separate analysis of retailer inventories,&nbsp;<a href="https://institute.bankofamerica.com/content/dam/economic-insights/retail-inventories.pdf">BofA analysts</a>&nbsp;expressed skepticism toward the idea that warehouses are well stocked. From their note (emphasis added):
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"There was a surge in imports of consumer goods into the U.S. in March, according to Census Bureau data. Does this mean retailers&#8217; inventories are set to swell? In our view, no.&nbsp;The ratio of retailers&#8217; inventories to their monthly sales was not especially high in recent data to begin with. And at the same time, consumers also appear to have been buying ahead, with Bank of America internal data showing strength in consumer durables spending in March and April. Moreover, Bank of America internal data on retailers&#8217; payments to transportation and shipping companies does not suggest a big ramp up in inventories. And it appears container shipments into Los Angeles are likely down in May. So we think it is possible retail inventories may actually look &#8216;lean&#8217; in coming months."
</blockquote>
It's worth noting that the most recent retail inventories data from the Census only goes through February. So those particular figures are a bit stale.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7abe6a9a-99fd-48c8-b7e3-6ff415655e10_1566x780.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7abe6a9a-99fd-48c8-b7e3-6ff415655e10_1566x780.png" alt="" /></a><figcaption class="wp-element-caption">As of February, retailer inventories hadn't changed much from the recent months' trend. (Source:&nbsp;<a href="https://institute.bankofamerica.com/content/dam/economic-insights/retail-inventories.pdf">BofA</a>)</figcaption></figure>
That said, BofA makes a good point about consumers "buying ahead." This suggests that a lot of goods left warehouses as quickly as they came in. This is consistent with&nbsp;<a href="https://www.tker.co/p/hard-data-soft-data-tariff-disconnect">government data on consumer spending</a>, which has been very strong.
Goldman Sachs' David Kostin analyzed the S&amp;P 500 and came to a similar conclusion.
"1Q data do not show a buildup of inventories," Kostin wrote on Friday. "The S&amp;P 500 inventory to sales ratio declined year/year, with the largest declines in the Autos and Consumer Durables &amp; Apparel industries. However, many retailers have yet to report 1Q results."
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c84db36-1bad-4ecd-ab78-680753bb043c_2500x1126.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c84db36-1bad-4ecd-ab78-680753bb043c_2500x1126.png" alt="" /></a><figcaption class="wp-element-caption">The inventory/sales ratio is actually trending lower. (Source Goldman Sachs)</figcaption></figure>
The&nbsp;<a href="https://www.tker.co/i/161227758/review-of-the-macro-crosscurrents">March retail sales report</a>&nbsp;showed an unusual spike in autos sales, which supports the idea that consumers pulled forward purchases to front-run tariffs.
To Kostin's point about fresh data, retailers will be announcing their Q1 results in the coming weeks. On Thursday morning we get&nbsp;<a href="https://corporate.walmart.com/news/2025/05/08/walmart-to-host-first-quarter-earnings-conference-call-may-15-2025">Walmart's earnings</a>. That day also comes with the April retail sales and March inventories reports. Everyone will be watching for clues about inventory builds as well as how much inventory was cleared out by sales pulled forward.
<h2 class="wp-block-heading">Zooming out &#x1f52d;</h2>
Even if we had a more clear understanding of inventory levels, the bigger issue continues to be the uncertainty around tariffs.
If we ultimately get very high tariffs, then inventory stockpiling would've been a good move. If any new tariffs are low, then inventory stockpiling could prove to be a costly error.
There's also the possibility that proposed tariffs or any tariff deals continue to get delayed, and this&nbsp;<a href="https://www.tker.co/p/economic-data-earnings-results-ambiguous">uncertainty nightmare</a>&nbsp;persists.
<h2 class="wp-block-heading">The big picture &#x1f5bc;&#xFE0F;</h2>
These are&nbsp;<a href="https://www.tker.co/p/market-pundits-with-all-answers-dont-know">uncertain times</a>.
The economic data is&nbsp;<a href="https://www.tker.co/p/hard-data-soft-data-tariff-disconnect">sending ambiguous signals</a>. Managers are having an unusually hard time&nbsp;<a href="https://www.tker.co/p/companies-not-withdrawing-guidance-exclude-tariff-impact">forecasting the near future</a>&nbsp;for the businesses. And investors and analysts are having an unusually hard time&nbsp;<a href="https://www.tker.co/p/price-sensitive-to-earnings-multiple-assumptions">modeling where stock prices</a>&nbsp;are headed in the coming months and quarters.
It's periods like this where long-term investors&nbsp;<a href="https://www.tker.co/p/stock-market-time-invested-positive-returns">have an edge</a>:&nbsp;<a href="https://www.tker.co/p/best-investment-advice-time">Time</a>.
"Nobody knows what the market is going to do tomorrow, next week, next month," Warren Buffett&nbsp;<a href="https://www.tker.co/p/warren-buffett-berkshire-hathaway-2025-meeting">said last week</a>. But as he&nbsp;<a href="https://www.tker.co/p/warren-buffett-berkshire-meeting-market-timing">often does</a>, he argued, "The long-term trend is up."
There's basically three scenarios investors always have to consider: 1) Things improve from here, and the market goes up; 2) Things get worse before they get better, which means markets could fall before resuming a more firm rally; or 3) Things get worse and never get better.
If we're facing scenario 3, then we may have bigger problems than stocks not recovering. But scenario 3 has&nbsp;<a href="https://www.tker.co/i/42137695/the-long-game-is-undefeated">never played out</a>.
Scenarios 1 and 2 favor long-term investors. Maybe things get worse before they get better. (Note:&nbsp;<a href="https://www.tker.co/p/bofa-on-timing-market-peaks-stay-invested">Timing market</a>&nbsp;bottoms is&nbsp;<a href="https://www.tker.co/p/quotes-im-thinking-about-as-stocks-fall">nearly impossible</a>.) But staying long the stock market covers you in case the low of this cycle is behind us.
<a href="https://www.tker.co/p/pull-forward-imports-months-inventory-stockpiled/comments"></a><a></a>
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How Much Inventory Did Companies Actually Build Ahead Of Tariffs?

Shopify Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NASDAQ">SHOP</a>) shares jumped 14.8% to $105.26 Monday afternoon. It was earlier <a href="https://ir.nasdaq.com/news-releases/news-release-details/shopify-inc-join-nasdaq-100-indexr-beginning-may-19-2025#:~:text=(Nasdaq%3A%20SHOP)%2C%20will,100%20Equal%20Weighted%E2%84%A2%20Index.">announced</a> the stock will join the Nasdaq-100 beginning May 19, replacing MongoDB. The move positions Shopify among the market's top tech names and could attract index-fund inflows.
What Else: The e-commerce platform <a href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45328107/shopify-shows-strong-global-momentum-but-guidance-raises-questions-on-profitability-path">reported</a> strong first-quarter results last Thursday, with revenue climbing 26.8% year-over-year to $2.36 billion, beating estimates. 
Gross merchandise volume <a href="https://www.benzinga.com/pressreleases/25/05/g45332641/shopify-inc-to-join-the-nasdaq-100-index-beginning-may-19-2025">rose 22.8%</a> to $74.75 billion, though adjusted EPS of 25 cents narrowly missed forecasts. Analysts cited robust growth in global merchant activity and resilient consumer demand as key drivers.
Sentiment also improved as the U.S. and China reached a <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">landmark agreement</a> to slash tariffs, easing recession and inflation fears. With U.S. tariffs dropping from 145% to 30% and China's from 125% to 10%, global trade pressures are receding. 
Shopify noted minimal exposure to Chinese imports, suggesting limited direct impact from prior tariff risks. Analysts from Goldman Sachs and Piper Sandler expect continued growth into the second-quarter, with revenue forecast around $2.56 billion and EPS of 30 cents. Shopify's international momentum meanwhile remains a key pillar of its bullish outlook.
Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45353863/new-inflation-data-hits-tuesday-why-it-could-kill-fed-rate-cut-hopes">New Inflation Data Hits Tuesday: Why It Could Kill Fed Rate Cut Hopes</a>
<h2 class="wp-block-heading">How To Buy SHOP Stock</h2>
By now you're likely curious about how to participate in the market for Shopify &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy &#8220;fractional shares,&#8221; which allows you to own portions of stock without buying an entire share.
In the case of Shopify, which is trading at $104.42 as of publishing time, $100 would buy you 0.96 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to &#8220;go short&#8221; a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, SHOP has a 52-week high of $106.35 and a 52-week low of $69.84.

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Why Shopify (SHOP) Stock Hit A New 52-Week High Today

Citigroup analyst Ygal Arounian maintains Outbrain (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OB#NASDAQ">OB</a>) with a Neutral and lowers the price target from $4 to $3.9.

Price Target

Analyst Ratings

Citigroup Maintains Neutral on Outbrain, Lowers Price Target to $3.9

Citigroup analyst Andrew Kaplowitz maintains Emerson Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>) with a Buy and raises the price target from $127 to $133.

Citigroup Maintains Buy on Emerson Electric, Raises Price Target to $133

BofA Securities analyst Brad Sills maintained a Buy rating on Salesforce, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/CRM/analyst-ratings" rel="noreferrer noopener">price target of $350</a> on Monday.
Salesforce Sales Cloud is the company&#8217;s flagship offering, generating estimated subscription revenue of $7.9 billion in fiscal 2026. It is growing at an estimated 9% growth rate (constant currency), keeping pace with Sills&#8217; estimate for total company subscription revenue.
Over the years, Salesforce has expanded its offering from front office applications (both organically and inorganically) into other horizontal and vertical industry applications.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44908035/salesforces-investment-in-ai-and-data-cloud-boosts-long-term-growth-outlook-analyst-confident" rel="noreferrer noopener">Salesforce&#8217;s Agentforce AI, Data Cloud Strengthen Long-Term Growth Potential: Analyst</a>
Sales Cloud represents 21% of Sills&#8217; fiscal 2026 total subscription revenue and remains a core growth business.
Sills estimated that 40% of 135,000 Salesforce customers (not on freemium) are currently on Sales Cloud, which represents 4.9 million subscribers, a 10% penetration of the global addressable market (16.2 million sales-related workers per US Bureau of Labor Statistics and international = 2 x US).
Sales Cloud is priced per user per month based on the edition chosen, with each edition adding more advanced features. The per-user pricing allows each user to manage their login.
The Starter Suite ($25/user/month) includes only the basic feature for managing accounts and leads. In contrast, Einstein 1 Sales ($500/user/month) consists of all features, including Data Cloud and the Agentforce agentic AI offering.
Sales Cloud is one of Salesforce&#8217;s core growth businesses (along with Service Cloud), keeping pace with an estimated total subscription growth of 9%-10% and showing no slowdown.
Sales Cloud expansion deals are driven by Industry Cloud upsells, Revenue Cloud upsells, and the pull-through of more seats to support Revenue Cloud, Industry Cloud, and Data Cloud deployments.
Revenue Cloud is Salesforce&#8217;s CPQ solution. Channel feedback suggests Revenue Cloud and the migration from CPQ to Revenue Cloud Advanced (RCA) is driving additional growth for Sales Cloud.
Revenue Cloud is priced as an add-on to Sales Cloud for a $200 monthly subscription versus $165 for Sales Cloud Enterprise, representing an average 120% subscription uplift.
Sales Cloud is the core system of record for the entire Salesforce CRM stack.
Gartner forecasts Sales Cloud to sustain a 25% share of the $39 billion Sales CRM industry through 2027.
However, Salesforce is forecast to capture the most incremental industry growth, driven by advantages such as its integrated platform with internal sales systems, business intelligence features for projection analysis, and AI innovation.
Sills&#8217; calls with SI partners suggested that upselling premium-priced Industry Cloud (estimated 15% ASP uplift to enterprise customers) and Revenue Cloud (12% ASP uplift) represent key growth drivers for Sales Cloud.
Agentforce projects are also mentioned to widen the Sales Cloud user base in many enterprises, driven by demand for a more complete data set and user base.
Finally, while the softening macro pushes out Sills&#8217; near-term expectation for Agentforce revenue, the analyst noted that this would represent a material source of incremental Sales Cloud growth in the coming years.
In his base case Sales Cloud model, the analyst modeled a 5-year CAGR of 10%, assuming 7.5 million subscribers, or 13% user penetration of global sales TAM (up from 10% in fiscal 2026), ASP of $143 (from $135 in fiscal 2026) and 8% Agentforce revenue contribution to Sales Cloud growth.
In a reasonable upside case, the analyst arrived at a 5-year CAGR of 12%, assuming similar user penetration, ASP of $157 from higher Revenue Cloud and Industry Cloud penetration, and a 13% Agentforce contribution to growth.
Sills projected fiscal 2026 revenue of $40.31 billion.
Price Action: CRM shares are trading higher by 4.62% to $288.17 at the last check on Monday.
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</ul>
Photo via Shutterstock

Analyst Color

Reiteration

Salesforce Sales Cloud, AI Integration, And Cloud Upsells Drive Analyst Confidence In Long-Term Growth

Citigroup analyst Kyle Menges maintains Cummins (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMI#NYSE">CMI</a>) with a Buy and raises the price target from $320 to $350.

Citigroup Maintains Buy on Cummins, Raises Price Target to $350

<a href="https://www.benzinga.com/topic/s-p-500">The S&amp;P 500</a> is quietly pulling off a winning streak that even some bulls didn't see coming. For the second quarter in a row, the index has notched double-digit earnings growth &#8211; clocking in at 13.4% for the first quarter &#8211; leaving ETF investors in the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) and Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) with something to cheer about.
According <a href="https://insight.factset.com/sp-500-earnings-season-update-may-9-2025?utm_source=Direct&amp;utm_medium=Email&amp;utm_campaign=FO-05-09-2025&amp;utm_content=httpsinsightfactsetcomsp500earningsseasonupdatemay92025">to</a> FactSet, 90% of S&amp;P 500 companies have reported results so far, and 78% of them beat earnings estimates &#8211; not only topping the 10-year average (75%) but also surpassing the five-year norm (77%). While the average earnings surprise of 8.5% came in just below the 5-year average (8.8%), it&#8217;s well ahead of the 10-year benchmark (6.9%).
Read Also: <a href="https://www.benzinga.com/25/05/45294428/wall-street-rallies-after-us-seals-first-trade-deal-you-better-go-out-and-buy-stock-trump-says">Wall Street Rallies After US Seals First Trade Deal: &#8216;You Better Go Out And Buy Stock,&#8217; Trump Says</a>
<h2 class="wp-block-heading">3 Sectors That Fueled Surprise Profits</h2>
This uptick didn't happen overnight. Since the end of the first quarter, earnings growth estimates have steadily climbed &#8211; from 7.1% on March 31 to 12.8% last week, now landing at a strong 13.4%. Much of the fuel came from surprise profits in Communication Services, Financials, and Health Care.
Eight out of eleven sectors are showing year-over-year earnings growth, with Health Care, Communications Services, Info Tech and Utilities leading the pack. Even more impressively, this is now the seventh straight quarter of earnings growth for the S&amp;P 500.
<h2 class="wp-block-heading">62% S&amp;P 500 Companies Delivered Revenue Beats</h2>
The revenue side of the story is more muted &#8211; 62% of companies beat top-line expectations (below the 5-year average of 69%), with aggregate revenue surprises averaging just 0.7%. But that still translates to a 4.8% revenue growth rate &#8211; the 18th consecutive quarter of sales growth.
Looking ahead, analysts are expecting earnings growth to cool slightly, with forecasts of 5.2%, 7.4%, and 6.7% for the second through fourth quarter. But with a forward P/E of 20.5 (above the 5- and 10-year averages), markets are already pricing in strength &#8211; or at least resilience.
For ETF investors watching SPY, IVV, or VOO, the S&amp;P 500 just sent a second bullish signal in a row: earnings are holding up &#8211; and then some.
Read Next: 
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</ul>
Photo: Shutterstock

Earnings

Earnings Beats

S&P 500 Q1 Earnings Jump 13.4% - SPY Investors Just Got Their Second Straight Double-Digit Surprise

WIIM

Constellation Energy shares are trading higher after BMO Capital raised its price target on the stock from $291 to $337.

Citigroup analyst Tyler Radke maintains Confluent (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CFLT#NASDAQ">CFLT</a>) with a Neutral and lowers the price target from $37 to $25.

CFLT

Citigroup Maintains Neutral on Confluent, Lowers Price Target to $25

COIN

Coinbase Global shares are trading higher after Compass Point upgraded the stock from Sell to Neutral and several firms raised their respective price targets.

Citigroup analyst Alicia Yap upgrades PDD Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) from Neutral to Buy and raises the price target from $127 to $165.

Upgrades

Citigourp Global Markets 2% Protected Notes Linked To The Djia

Citigroup Upgrades PDD Holdings to Buy, Raises Price Target to $165

Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on Hut 8 Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) and <a href="https://www.benzinga.com/quote/HUT/analyst-ratings" target="_blank" rel="noreferrer noopener">reiterated the $32 price forecast</a>.
The analyst writes that he sees consistent progress at Hut 8 under the leadership of CEO Asher Genoot and his team, who have been in place for approximately five quarters.
While the past year has primarily involved operational streamlining and realignment within Hut 8, Vafi believes the future holds more significant potential.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45324398/hut-8-analysts-still-bullish-despite-q1-miss-bets-on-american-bitcoin-hpc-ai-potential" rel="noreferrer noopener">Hut 8 Analysts Still Bullish Despite Q1 Miss; Bets On American Bitcoin, HPC/AI Potential</a>
Specifically, the analyst expects Hut 8 to navigate the complex challenge of maximizing the value of its Bitcoin (CRYPTO: BTC/USD) miner power portfolio and existing assets while simultaneously pursuing emerging opportunities in AI hosting without hindering either endeavor.
The analyst notes that the U.S. Bitcoin miners have grown via capital markets, but public markets often undervalue them despite strong returns and potential cost advantage over direct BTC buys.
The analyst adds that the company&#8217;s American Bitcoin vision might prioritize BTC accumulation over max mining output, potentially mirroring MicroStrategy&#8217;s treasury success.
Overall, the involvement of Eric and Donald Trump Jr. in American Bitcoin suggests that the new company&#8217;s activities will likely extend beyond solely mining Bitcoin, writes the analyst.
Today, Gryphon Digital Mining, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) disclosed a definitive stock-for-stock merger deal with American Bitcoin, a majority-owned subsidiary of&nbsp;Hut 8, <a target="_blank" href="https://www.benzinga.com//node/45347101" rel="noreferrer noopener">for an undisclosed amount</a>. Upon closing, the combined entity will operate under the American Bitcoin brand and is expected to trade on the Nasdaq under the ticker &#8220;ABTC.&#8221;
On Thursday, Hut 8 reported a loss per share of&nbsp;$1.30, below the estimated&nbsp;24 cents, and sales of&nbsp;$21.82 million&nbsp;fell short&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45279838/hut-8-reports-first-quarter-2025-results" rel="noreferrer noopener">of the estimated&nbsp;$33.28 million</a>.
Price Action: HUT shares are up 11.1% at $15.43&nbsp;at the last check on Monday.
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</ul>
Image via Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Large Cap

GRYP

American Bitcoin Spin-Off, AI Ambitions To Boost Hut 8 Stock: Analyst

Prologis shares are trading higher after Scotiabank raised its price target on the stock from $97 to $100.

<a href="https://www.bloomberg.com/news/articles/2025-05-12/apple-plans-ai-powered-battery-management-mode-for-devices-in-ios-19?embedded-checkout=true">https://www.bloomberg.com/news/articles/2025-05-12/apple-plans-ai-powered-battery-management-mode-for-devices-in-ios-19?embedded-checkout=true</a>

General

'Apple Plans AI-Powered Battery Management Mode for Devices in iOS 19'- Bloomberg

Ladenburg Thalmann analyst Mickey Schleien upgrades SLR Inv (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLRC#NASDAQ">SLRC</a>) from Neutral to Buy and announces $16.5 price target.

SLRC

Ladenburg Thalmann Upgrades SLR Inv to Buy, Announces $16.5 Price Target

Analysts are expressing views on Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) prior to its <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">earnings release on May 15</a>.
On Monday, Telsey Advisory Analyst Joseph Feldman maintained the Outperform <a href="https://www.benzinga.com/quote/WMT/analyst-ratings" target="_blank" rel="noreferrer noopener">rating and price forecast of $115.</a>
The analyst maintained the first quarter (Q1) estimates of 3.8% sales growth to $167.6 billion vs. FactSet consensus (FS) of $165.7 billion and adjusted EPS of $0.56 (FS: $0.57).
Feldman expects the quarter to benefit from grocery share gains, improving non-discretionary, e-commerce/marketplace progress, rollbacks, and broader wallet share (including higher-income).
Also Read: <a href="https://www.benzinga.com/markets/25/05/45342977/trumps-tariffs-reportedly-push-walmart-and-target-toy-suppliers-to-the-brink-of-closure-if-nothing-changes-well-be-crippled" target="_blank" rel="noreferrer noopener">Trump&#8217;s Tariffs Reportedly Push Walmart And Target Toy Suppliers To The Brink Of Closure: &#8216;If Nothing Changes, We&#8217;ll Be Crippled&#8217;</a>
The analyst adds that similar to recent trends at Amazon and Costco, Q1 sales could see a pull-forward in select categories like electronics.
Feldman writes that these positive factors are expected to be partially offset by selective consumer spending (especially on discretionary items) and unfavorable FX trends.
Overall, Feldman expects Walmart to navigate the current uncertain environment effectively.
For 2025, the analyst estimates sales growth of 4.0% to $708 billion, vs. the FS of 3.6% ($705 billion) and consistent with Walmart&#8217;s reiterated <a target="_blank" href="https://www.benzinga.com/news/guidance/25/04/44711688/walmart-maintains-steady-growth-forecast-despite-tariffs" rel="noreferrer noopener">April guidance of 3%-4% (constant currency)</a>.
The analyst sees adjusted EPS of $2.56 vs. FS of $2.60 and within <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Walmart&#8217;s $2.50-$2.60 guidance range</a>.
The analyst anticipate continued selective consumer spending amid tariff-driven uncertainty regarding inventory and prices.
Meanwhile, additional tariffs, such as the current elevated rates on China, could necessitate significant actions, including potential price increases, to protect profits, adds the analyst.
B Of A Securities analyst Robert F. Ohmes kept the Buy rating with a price forecast of $120.
The analyst estimates adjusted EPS of $0.59 and a 3% increase in U.S. comparable sales for Q1, with comparable sales forecast indicating a deceleration compared to the fourth quarter.
Ohmes says that the estimates incorporate impacts from lapping the leap day last year (-100 basis point headwind to sales and -250 basis points to EBIT), the Vizio acquisition (a +15 basis point benefit to sales but a -70 basis point impact on EBIT), and foreign exchange.
The analyst writes that while not entirely shielded, Walmart is well-equipped to handle tariffs due to its strong supplier relationships, sophisticated pricing and automation strategies, effective inventory management, and the option to transition some directly sold (1P) imported goods to its third-party (3P) marketplace.
The analyst adds that given that groceries have a lower import exposure (they constitute 60% of Walmart&#8217;s U.S. sales), the company&#8217;s overall import exposure is limited to roughly one-third of its total U.S. business.
Price Action: WMT shares are down 0.4% at $96.26 at the last check Monday.
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Image created using artificial intelligence via Midjourney.

Walmart Analysts: Strategy Curbs Price Hikes Despite Tariffs

CTRI

Centuri Holdings shares are trading lower following Q1 financial results.

Apogee Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APGE#NASDAQ">APGE</a>) on Monday revealed interim data from its Phase 1b trial of APG808, a novel half-life extended IL-4Rα antibody, in patients with <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45342426/apogee-therapeutics-announces-positive-interim-results-from-the-phase-1b-trial-of-apg808-its-novel" rel="noreferrer noopener">mild-to-moderate asthma</a>.
The Phase 1b double-blind, placebo-controlled, multiple-dose trial evaluated the safety and tolerability of APG808 in 22 adult patients with mild-to-moderate asthma.
The trial also evaluated fractional exhaled nitric oxide concentration (FeNO), TARC, and pSTAT6.
Participants were randomized 3:1, receiving 600mg of APG808 or placebo on day 1 and day 29.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/03/44084945/apogee-therapeutics-investigational-atopic-dermatitis-potential-shows-strong-tolerability-extended-half-life-in-early-trial" rel="noreferrer noopener">Apogee Therapeutics&#8217; Investigational Atopic Dermatitis Potential Shows Strong Tolerability, Extended Half-Life in Early Trial</a>
The study showed that a multiple-dose regimen of APG808 was well tolerated in asthmatic patients through 12 weeks of available follow-up. The most common treatment-emergent adverse events (TEAEs) observed were headache, injection site erythema, and upper respiratory tract infections.
The company said there were no Grade 3 TEAEs or severe adverse events. No adverse events led to study discontinuation.
Also, multiple doses of APG808 resulted in rapid suppression of FeNO, a biomarker of Type 2 inflammation that is associated with asthma exacerbations. At 12 weeks, there was a maximal robust FeNO decrease from a baseline of 53% and a sustained FeNO decrease from a baseline of 50%.
APG808 also demonstrated a sustained and near-complete reduction in pSTAT6 and deep reduction of TARC, maintained through 12 weeks, two key Type 2 inflammatory biomarkers.
APG808&#8217;s optimized formulation, potential best-in-class PK profile, and durable FeNO suppression for 12 weeks support the potential for 2-month or longer maintenance dosing.
Apogee Therapeutics&#8217; reported cash, cash equivalents, and marketable securities were $681.4 million as of March 31, 2025.
Based on current operating plans, Apogee expects its existing cash, cash equivalents, and marketable securities will enable the company to fund its operating expenses into the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45342743/apogee-therapeutics-provides-business-update-pipeline-progress-and-reports-first-quarter-2025-fina" rel="noreferrer noopener">first quarter of 2028</a>.
Price Action: APGE stock is up 7.80% at $40.20 at the last check on Monday.
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Image via Shutterstock

Biotech

Health Care

APGE

Why Is Apogee Therapeutics Stock Trading Higher On Monday?

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