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Looking at the Mag-7 Before the Open, Friday March 14

March 14, 2024

Here’s a quick look at each of the “Magnificent Seven” (Mag-7) stocks, focusing on their latest Analyst Ratings, P&F chart patterns and news over the past week.

1. Apple Inc. (AAPL) $382.45 +3.68 (+0.97%) As of 08:59 AM ET

Out of the 36 analysts, 4 have given a sell rating, 9 have given a hold rating, 21 have given a buy rating, and 2 have given a strong buy rating for AAPL. The average price target is $243.22. The highest price target for AAPL is $325.00, while the lowest price target for AAPL is $180.00. The average price target represents a forecasted upside of 16.00% from the current price of $209.68.

The P&F chart for AAPL indicates a Double Bottom Breakdown on March 10, a bearish trend.

  • Recent News: AAPL’s stock has declined due to President Donald Trump’s recent tariff threats on European goods, leading to broader market sell-offs.

2. Microsoft Corporation (MSFT) $382.45 +3.68 (+0.97%) As of 08:59 AM ET

Out of the 29 analysts, 2 have given a hold rating, and 27 have given a buy rating for MSFT. The average price target is $510.43. The highest price target for MSFT is $600.00, while the lowest price target for MSFT is $450.00. The average price target represents a forecasted upside of 34.76% from the current price of $378.77.

MSFT’s P&F chart shows a Descending Triple Bottom Breakdown on March 10, indicating a strong bearish signal.

  • Recent News: MSFT has been designated as a “gatekeeper” under the EU’s Digital Markets Act, subjecting it to stricter regulations.

3. Amazon.com Inc. (AMZN) $197.13 +3.24 (+1.67%) As of 08:59 AM ET

Out of the 45 analysts, 2 have given a hold rating, 42 have given a buy rating, and 1 has given a strong buy rating for AMZN. The average price target is $260.65. The highest price target for AMZN is $306.00, while the lowest price target for AMZN is $186.00. The average price target represents a forecasted upside of 34.43% from the current price of $193.89.

The P&F chart for AMZN displays a Bearish Catapult Formation, reinforcing a downward trend.

  • Recent News: AMZN’s market value has significantly declined amid global market turbulence and trade tensions.

4. Alphabet Inc. (GOOGL) $164.35 +1.59 (+0.98%) As of 08:58 AM ET

Out of the 43 analysts, 10 have given a hold rating, 29 have given a buy rating, and 4 have given a strong buy rating for GOOGL. The average price target is $210.62. The highest price target for GOOGL is $230.00, while the lowest price target for GOOGL is $181.00. The average price target represents a forecasted upside of 29.40% from the current price of $162.76.

GOOGL’s P&F chart indicates a Triple Bottom Breakdown, signaling a bearish outlook.

  • Recent News: GOOGL has been identified as a “gatekeeper” under the EU’s Digital Markets Act, leading to increased regulatory scrutiny.

5. Meta Platforms Inc. (META) $603.62 +12.98 (+2.20%) As of 08:58 AM ET

Out of the 43 analysts, 2 have given a sell rating, 4 have given a hold rating, 35 have given a buy rating, and 2 have given a strong buy rating for META. The average price target is $719.26. The highest price target for META is $935.00, while the lowest price target for META is $360.00. The average price target represents a forecasted upside of 21.78% from the current price of $590.64.

META’s P&F chart shows a Descending Triple Bottom Breakdown, suggesting continued bearish momentum.

  • Recent News: META faces heightened regulatory challenges as a designated “gatekeeper” under the EU’s Digital Markets Act.

6. NVIDIA Corporation (NVDA) $118.90 +3.32 (+2.87%) As of 08:57 AM ET

Out of the 42 analysts, 3 have given a hold rating, 37 have given a buy rating, and 2 have given a strong buy rating for NVDA. The average price target is $171.51. The highest price target for NVDA is $220.00, while the lowest price target for NVDA is $102.50. The average price target represents a forecasted upside of 48.39% from the current price of $115.58.

NVDA’s P&F chart displays a Double Bottom Breakdown, indicating potential further declines, followed by a Low Pole Reversal on March 11, suggesting a potential shift from bearish to bullish.

  • Recent News: NVDA’s stock has been affected by recent market sell-offs, particularly due to trade tensions and tariff threats.

7. Tesla Inc. (TSLA) $246.35 +5.67 (+2.35%)  As of 08:48 AM ET

Out of the 38 analysts, 8 have given a sell rating, 10 have given a hold rating, 18 have given a buy rating, and 2 have given a strong buy rating for TSLA. The average price target is $325.81. The highest price target for TSLA is $550.00, while the lowest price target for TSLA is $24.86. The average price target represents a forecasted upside of 35.37% from the current price of $240.68.

TSLA’s P&F chart indicates a Bearish Signal Reversed, suggesting a potential shift from a bearish to bullish trend.

  • Recent News: TSLA’s market value has significantly decreased, with activist protests against CEO Elon Musk’s policies contributing to the decline.

Recent Developments:

  • Market Volatility: Over the past 50 days, approximately $2.7 trillion has been erased from the combined market value of the “Magnificent Seven.” This decline is attributed to concerns over potential recessions, President Trump’s aggressive trade policies, and weak employment data. Tesla experienced a significant loss, shedding $652 billion in value.
  • Trade Tensions: President Trump has threatened to impose a 200% tariff on European alcoholic products unless the European Union removes its 50% tariff on US whiskey. This announcement has contributed to declines in major stock indexes, with companies like Adobe, NVIDIA, and Tesla experiencing notable sell-offs.
  • Regulatory Actions: The European Union has intensified its scrutiny of major tech companies. In June 2024, Apple was charged with breaching the Digital Markets Act and could face substantial fines. The EU’s Digital Markets Act and Digital Services Act, enacted in July 2022, aim to ensure fair competition and regulate digital services, impacting companies like Alphabet, Amazon, Apple, Meta, and Microsoft.