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Keep an eye on these two Magnificent 7 stocks: Mizuho

Published 05/10/2024, 12:06 PM
© Reuters

Mizuho analysts highlighted two mega-cap players that have been catching attention: Apple (NASDAQ:AAPL) and Meta Platforms (NASDAQ:META). 

According to the firm, the recent performance of both has been eye-catching, with Meta soaring 750 basis points (bps) and Apple not far behind, up by nearly 700 bps over the past five days. This surge outpaces the tech sector, which has gained 400 bps, with Meta's rebound particularly notable following a post-guidance pullback.

Meta's rise, climbing steadily since its April lows, underscores sustained investor confidence in its valuation and growth prospects. 

"Only $20 below the pre-print price levels. No one tells me they are done with META or sellers. It is still well-liked at this level, given the valuation and growth potential," said Mizuho.

Meanwhile, Apple's gains, up 12% from its mid-April low, signal a market cap surge surpassing $300 billion in just three weeks, outpacing the likes of AMD and Intel (NASDAQ:INTC).

Mizuho analysts anticipate Apple continuing to rise, potentially testing the $190 levels, buoyed by anticipation surrounding its upcoming WWDC gen AI launch event in early June.  

Mizuho highlights increasing investor interest in Apple, with discussions among long-only accounts centered on potential catalysts, including AI advancements and global demand trends.

In summary, Mizuho sees a short-term opportunity in Apple, particularly leading into its anticipated AI-focused event, projecting potential outperformance against other large-cap tech peers. 

"I think [the] stock will outperform other large-cap tech. Any improvement in data points out of Asia / China on smartphone demand improving is also a positive catalyst for AAPL," writes Mizuho.

With both Meta and Apple capturing attention and momentum, investors are advised to keep a watchful eye on these Magnificent 7 stocks in the coming weeks.

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