00:09 Speaker A
Now it’s time to look at some of today’s hot stocks, starting with gold, the precious metal that’s sparkling and poised to have its best week yet in 2020.
00:21 Speaker A
Gold prices climbed close to the $5,000 an ounce mark as strategists cited a weakening U.S. dollar, expectations of easing from the Federal Reserve, large fiscal deficits and weakening demand for government debt.
00:33 Speaker A
Goldman Sachs recently raised its year-end forecast for gold prices to 5,400 points from the previous 4,900 points.
00:43 Speaker A
Speaking of Goldman Sachs, they have firmly changed their view on Spotify, raising their rating on the stock from “neutral” to “buy.”
00:51 Speaker A
Goldman Sachs believes Spotify is well-positioned to capitalize on and benefit from growing generative AI adoption, and the stock’s risk profile is one that Goldman says has become more compelling amid recent weakness.
01:03 Speaker A
Finally, look at Applied Materials, which Deutsche Bank upgraded the name from Hold to Buy.
01:08 Speaker A
The company raised its full-year forecast as it believes the company’s current discount valuation relative to mid-cap peers is too high.
01:16 Speaker A
Deutsche Bank went on to note that it believes this valuation gap has the potential to narrow.
01:21 Speaker A
Applied Materials has 30 buy, 12 hold and 1 sell ratings, according to analysts tracked by Bloomberg.
