10 things to watch in the stock market Thursday as Wall Street tries for back to back gains

1. Can Splunk and a new Nvidia partnership change Cisco Systems‘ inventory digestion narrative, which forced the networking giant to cut its full-year guide for the second quarter in a row? Cisco is the latest tech company to announce layoffs, cutting 5% of its global workforce or 4,000 jobs. The Dow stock is down 4%.
2. Club name Nvidia price target boosted to $850 per share at Piper Sandler ahead of next week’s quarterly earnings report.
3. Super Micro Computer is started with a buy and $1,040-per-share price target at BofA, The analysts think the market for artificial intelligence servers is much bigger than Street models.
4. JPMorgan upgrades Coinbase to neutral from underweight (hold from sell) to reflect the recent rise in crypto prices. Bitcoin is trading above $52,000. The all-time high for bitcoin was $68,982.20 in November 2021; that’s the same month that the Nasdaq last closed at a record high. Wall Street is trying for back-to-back gains after Tuesday’s sharp declines.
5. Air Products is upgraded to buy at Bank of America. The analysts say the valuation disconnect with Club stock Linde is “unwarranted” but sometimes it’s better to pay up for quality.
6. Cleveland-Cliffs and US Steel are downgraded to equal weight by Morgan Stanley. The analysts expect steel demand to increase 2.1% in 2024 and prices to decline.
7. Club name GE Healthcare is initiated with a buy at HSCB, with a price target of $100 per share. The analysts say margin improvement is not priced in yet.
8. Deere beats but 2024 profits are expected to decline year over year more than expected.
9. Ulta Beauty added to Analyst Focus List at JPMorgan, which raises its price target to $600 per share from $535.
10. Twilio misses the market and the stock falls on soft revenue guide.

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