Tech stocks gained in intraday trading Monday, with the S&P 500 tech sector up over 1% as of 11:45 a.m. ET. The broader S&P 500 was 0.6% higher, while the tech-heavy Nasdaq rose 0.7%.
Palantir (PLTR) shares were on the rise ahead of the company’s earnings report later in the day, and Micron Technology (MU) shares gained after an upgrade from Baird. Reddit (RDDT) shares also rose as Bank of America lifted its price target for the stock.
Palantir Gains Ahead of Earnings Report
Palantir shares jumped over 6% to $24.74 in intraday trading ahead of the company’s first-quarter earnings report due after the bell. Analysts expect Palantir’s earnings to show year-over-year growth driven by demand from government and commercial customers for its artificial intelligence (AI) platform.
Micron Technology Rises on Baird Upgrade
Micron Technology shares were trading 4.5% higher at $120 after Baird analysts reportedly upgraded the stock to “outperform” from “neutral” and increased their price target to $150 from $115, citing an “unprecedented outlook for memory” over the next 12-18 months. Micron is a key partner for AI leaders like Nvidia (NVDA), announcing in February that it started mass production for high-bandwidth memory chips for Nvidia’s AI GPUs.
Reddit Gains as Bank of America Lifts Price Target
Reddit shares jumped over 6% to $49.62 after Bank of America analysts lifted their price target to $50 from $46. The analysts said they “expect a 1Q upside” in the social media company’s advertising and data licensing revenue. Reddit is set to report earnings on Tuesday after the closing bell in its first quarterly report since its trading debut in March.
