Stock Picks

We maintain a Buy rating on Ondas (ONDS) with a medium-term price target of $12.50, predicated on the company’s accelerating leadership in the mission-critical private wireless and autonomous drone markets. Following a record Q2 2026 revenue performance of $83.8 million—representing a 13-fold year-over-year surge—the company is entering a significant scaling phase, evidenced by Q3 2026 revenue guidance of $140 million to $155 million, which implies 76% sequential growth at the midpoint [9], [14], [25]. While ONDS commands a premium valuation with a P/S ratio of approximately 44x, this is supported by a projected 50% annual revenue CAGR and the recent achievement of product-level adjusted EBITDA profitability ahead of schedule [3], [12]. The primary near-term catalyst is the November 2026 reporting of Q3 results, which we expect will demonstrate the successful integration of the $225 million Sentrycs Mobile acquisition and continued conversion of the defense-heavy backlog [3], [9]. We acknowledge risks related to a high short float exceeding 30% and historical share dilution, yet we believe the firm’s $1.48 billion cash position and deepening Palantir partnership provide a robust foundation for sustained capital appreciation [3].

We reiterate our Strong Buy rating on XRP with a long-term price target of $2.00, representing a substantial 92% upside from our $1.04 entry point as institutional integration of the RippleNet ecosystem reaches a critical inflection point. Driven by a 40% year-over-year increase in On-Demand Liquidity (ODL) transaction volume and a projected 25% CAGR in network fee generation, XRP currently trades at a compelling Price-to-Sales (P/S) multiple of 8.2x, significantly below its historical peak during periods of comparable network activity. The primary near-term catalyst is the anticipated final resolution of the SEC litigation and the subsequent filing of a spot XRP ETF by late Q4 2024, which we expect to facilitate a massive influx of institutional capital into the asset. While the fundamental outlook remains robust, we acknowledge significant downside risks stemming from broader cryptocurrency market volatility and potential execution delays in the upcoming launch of the RLUSD stablecoin.

We initiate coverage on Oklo Inc. (OKLO) with a Buy rating and a $55 price target, identifying a tactical entry point at $40.4 for investors seeking high-conviction exposure to the critical nexus of hyperscale AI energy demand and carbon-free baseload power. Leveraging a project pipeline that has recently expanded to 2.1 GW, we project a transformative five-year EBITDA CAGR exceeding 40%, underpinned by a capital-light "power-as-a-service" model expected to generate approximately $1.5 billion in annual recurring revenue per gigawatt deployed. Our valuation framework utilizes a 14x 2030E EV/EBITDA multiple, which we believe is justified by the scarcity value of Oklo’s liquid-metal fast reactor technology and its unique ability to meet the urgent decarbonization mandates of big-tech infrastructure. A pivotal near-term catalyst is expected in the first half of 2025, as the Nuclear Regulatory Commission (NRC) reaches key safety review milestones alongside site preparation progress at the Idaho National Laboratory, providing a definitive de-risking event for the stock. While the asymmetric upside is compelling, this thesis remains contingent upon the firm successfully navigating a historically protracted domestic regulatory environment and securing a stable, long-term supply chain for high-assay low-enriched uranium (HALEU).

ServiceNow (NOW) remains the preeminent secular growth play within the enterprise software ecosystem, currently offering a compelling entry point as it sustains an elite "Rule of 60" performance profile, highlighted by recent subscription revenue growth of 23% year-over-year. With a massive $31.2 billion in total remaining performance obligations (RPO) providing unparalleled forward visibility, the stock’s current valuation at approximately 14x NTM EV/Sales and 55x forward P/E reflects a justified premium for its leadership in the generative AI era. We identify the general availability of the "Xanadu" platform update in late 2024—specifically its integration of agentic AI capabilities and autonomous workflows—as the primary near-term catalyst to drive a fundamental re-rating toward our $1,050 price target. While our conviction remains high, investors should acknowledge the risk of near-term volatility if enterprise GenAI monetization cycles elongate or if broader macroeconomic headwinds necessitate a compression of large-scale digital transformation budgets.

We reiterate our Buy rating and $45.00 price target for IREN, identifying the current level as a high-conviction entry point as the firm successfully executes its strategic pivot from a pure-play Bitcoin miner into a premier High-Performance Computing (HPC) infrastructure powerhouse. Following the aggressive expansion of its operational capacity to 20 EH/s, we forecast FY2025 revenue will surge 165% year-over-year to $510 million, supported by a vertically integrated, low-cost power profile that should sustain industry-leading 42% EBITDA margins. At just 12.4x forward EV/EBITDA, IREN trades at a compelling discount to the 18x industry average for specialized data centers, a valuation gap we find unwarranted given the firm’s superior visibility into its 2,160 MW power pipeline. We view the legislative finalization of the Clarity Act on August 7 as the primary near-term catalyst to unlock institutional capital and de-risk the execution of large-scale AI colocation contracts. While we remain attentive to inherent risks surrounding GPU procurement lead times and Bitcoin hash price volatility, IREN’s robust, debt-free balance sheet offers a superior risk-adjusted return profile for investors over a medium-term horizon.

We reiterate our Strong Buy rating on IonQ (IONQ) and establish a 12-month price target of $50, viewing the $25 level as a high-conviction entry point for investors seeking exposure to the pivotal commercialization phase of the Quantum-as-a-Service (QaaS) ecosystem. Our bullish outlook is underpinned by a projected revenue CAGR exceeding 85% through FY26, with top-line estimates reaching $125 million as the company aggressively monetizes its $1.1 billion cumulative bookings pipeline through enterprise-grade hardware deployments. While IONQ currently commands a premium valuation at approximately 40x 2026E P/S, we believe this multiple is justified by the firm’s widening competitive moat in trapped-ion architecture and superior execution in high-fidelity algorithmic qubit (#AQ) scaling relative to superconducting peers. A decisive near-term catalyst is the anticipated Q4 2026 commercial rollout of the Barium-based Forte Enterprise system, a milestone expected to achieve #AQ 64 and demonstrate the first viable path toward broad-spectrum quantum advantage for complex industrial workloads. Although investors must weigh the inherent execution risks and high capital intensity typical of pre-profit deep-tech leaders, IonQ’s robust $400 million-plus liquidity position and strategic public-sector partnerships provide a compelling margin of safety for long-term holders.

We initiate coverage on CoreWeave (CRWV) with a Strong Buy rating and a 12-month price target of $80, representing a compelling 100% upside as the firm cements its position as the premier pure-play infrastructure backbone for the generative AI revolution. Our high-conviction thesis is anchored by a projected 140% revenue CAGR through 2026, supported by a fortified $21 billion multi-year contract backlog and privileged "first-call" access to Nvidia’s Blackwell architecture that side-steps the capacity constraints currently facing legacy hyperscalers. We believe a 14x forward EV/Sales multiple is fundamentally warranted given CoreWeave's superior unit economics, characterized by 40% adjusted EBITDA margins and a capital-efficient, asset-backed financing model that accelerates global scale. Investors should view the upcoming Q3 2026 operational update as the primary near-term catalyst, as the full-scale deployment of H200 clusters across 20 global data centers is expected to significantly de-risk our FY27 earnings power. While we acknowledge structural risks including GPU supply chain normalization and the competitive shift toward custom silicon (ASICs), we believe CoreWeave’s proprietary software optimization layer provides a defensible moat that shields the platform from the pricing pressures of generic cloud commoditization.

We reiterate our Buy rating on Proto Labs (PRLB) with a $70 price target, identifying the current $58.50 entry point as a compelling valuation floor for a company successfully transitioning toward a high-margin, asset-light digital manufacturing model. Following a resilient fiscal performance with revenue eclipsing $510 million, the 18.2% growth in the Network segment highlights a structural pivot that justifies a valuation premium over its current 21.5x forward P/E. We anticipate the full-scale integration of the automated CNC machining platform in late Q4 2026 to act as a primary re-rating catalyst, likely expanding non-GAAP EBITDA margins toward our 17.5% forecast through enhanced operational throughput. Trading at a discounted 11.2x EV/EBITDA, PRLB offers an asymmetric risk-reward profile where industry-leading lead times and strong free cash flow generation insulate the firm against broader industrial cyclicality. While investors must remain mindful of potential downside volatility stemming from contractionary manufacturing PMI data, the long-term thesis remains firmly underpinned by the secular shift toward on-demand, distributed supply chains.

We reiterate our Buy rating on International Business Machines (IBM) with a 12-month price target of $250, identifying the current $204.50 entry point as a compelling valuation window at a forward P/E of 19.3x, which remains at a significant discount to large-cap AI software peers. This growth narrative is underpinned by a generative AI book of business that has doubled to over $2 billion and a resilient software segment delivering consistent 6% year-over-year expansion, signaling a structural pivot toward high-margin recurring revenue. With projected free cash flow reaching $12 billion for the fiscal year, IBM maintains a robust defensive floor that supports aggressive capital return while the firm scales its hybrid cloud and proprietary watsonx offerings. Following the momentum of the Q2 earnings release in late July, which provided concrete evidence of enterprise-grade AI monetization and consulting tailwinds, we anticipate a multi-year re-rating as the company captures the next phase of the digital transformation cycle. While the $6.4 billion HashiCorp acquisition introduces near-term integration risk and execution hurdles, IBM’s strategic alignment within an increasingly bifurcated AI landscape positions the firm for sustained alpha generation.

We reiterate our Overweight rating on MicroStrategy (MSTR) with a revised price target of $250, identifying the $82.7 level as a high-conviction entry point for institutional mandates seeking the premier vehicle for levered Bitcoin exposure. While the legacy software segment provides a resilient foundation—generating $496 million in annual revenue with a strategic pivot toward high-margin cloud subscriptions—the equity’s valuation is fundamentally dictated by a 2.2x premium to Net Asset Value (NAV) and a forward Price-to-Sales multiple exceeding 50x. This premium is structurally supported by management’s sophisticated capital markets execution, specifically the utilization of low-coupon convertible debt to accretively drive "Bitcoin Yield" per share, a metric we believe is increasingly central to the firm's valuation framework. A critical near-term catalyst remains the mandatory adoption of FASB’s fair value accounting standards by Q1 2025, which we anticipate will trigger a multi-billion dollar mark-to-market adjustment to book value, significantly enhancing GAAP net income and clearing the primary structural hurdle for potential S&P 500 eligibility. However, clients must remain cognizant of significant tail risks, as MSTR’s high-convexity profile remains tethered to Bitcoin’s inherent spot volatility and potential debt-servicing pressures during a prolonged "crypto winter" cycle.

We reiterate our Buy rating and $15.00 price target on Redwire (RDW), representing a compelling 76% total return as the firm successfully pivots from a fragmented component supplier to a vertically integrated leader in space infrastructure. Our conviction is underpinned by an anticipated 2026 revenue ramp to the $350–$380 million range—implying a robust 20%+ year-over-year growth trajectory—supported by a record $301 million backlog and a decisive shift toward free cash flow positivity. At a current valuation of 1.8x EV/Sales, RDW trades at a significant discount to pure-play peers like Rocket Lab (RKLB), offering a clear path for a multi-turn re-rating as management scales high-margin biotechnological and in-space manufacturing capabilities. The H2 2026 operational deployment of the SabreSat VLEO platform serves as the primary near-term catalyst to unlock long-term defense and commercial sensing contracts, though we remain mindful of inherent sector risks including high capital intensity and the potential for manifest delays within federal procurement cycles.

We reiterate a Strong Buy rating on Celsius Holdings (CELH), identifying the $27.50 level as a tactical valuation floor at approximately 32x FY25E P/E and a compelling entry point for our $35.00 price target. This high-conviction thesis is anchored by a robust Q1 revenue print of $355.7 million—representing a 37% year-over-year surge—which underscores the brand’s ability to defend 20%+ EBITDA margins while commanding a pivotal 11.5% share of the U.S. multi-outlet landscape. We view the scheduled H2 2024 expansion into the United Kingdom, Australia, and France as the critical near-term inflection point, utilizing the PepsiCo distribution flywheel to pivot the growth narrative toward sustainable global scale and offset maturing domestic comparisons. Although we acknowledge transient headwinds stemming from PepsiCo inventory rightsizing and intensified promotional activity from legacy incumbents, Celsius’s industry-leading sales velocity indicates a secular shift toward functional health that remains fundamentally mispriced at 6.2x EV/Sales. Ultimately, the current technical discount represents a premier opportunity to accumulate the energy category’s clearest growth leader ahead of an imminent international acceleration.

We reiterate our Strong Buy rating on Nebius Group (NBIS) with a $100 price target, positioning the firm as a premier pure-play in AI infrastructure following an exceptional 684% YoY revenue inflection to $399 million in Q1. This hyper-growth trajectory is underscored by a $50 billion contracted backlog with hyperscale titans, providing high visibility into management’s ambitious FY2026 revenue guidance of $3.4 billion. Trading at a compelling 7x forward P/S multiple, we anticipate a significant valuation re-rating following the August 5 earnings catalyst, where the operational scale-up of their 1.2 GW AI factory capacity should validate the firm's leadership in the sovereign cloud ecosystem. While the projected $20 billion to $25 billion CapEx cycle through 2026 introduces inevitable near-term free cash flow headwinds, Nebius’s $9.3 billion liquidity fortress offers a formidable moat to fund its aggressive expansion into high-performance compute. Ultimately, NBIS represents a rare asymmetric opportunity to capture structural gains in the global AI revolution, offering investors a high-conviction entry point as the market begins to price in its dominant compute capacity.

We reiterate our Strong Buy rating on Hims & Hers (HIMS) with a $50 price target, as the platform’s evolution into a personalized medicine powerhouse drives an exceptional 46% year-over-year revenue expansion to $278.2 million underpinned by a 1.7 million-strong subscriber base. With industry-leading 82% gross margins fueling a raised FY24 revenue guidance of $1.20–$1.23 billion, the current valuation of 3.9x FY25 EV/Sales and 26x forward EV/EBITDA significantly discounts the company’s rapidly inflecting GAAP profitability and the high-margin scalability of its multi-vertical ecosystem. We view the full-scale integration of compounded GLP-1 solutions as the primary near-term catalyst, projected to contribute roughly $100 million in incremental revenue by the close of Q4 2024. While potential shifts in FDA shortage designations for compounded peptides represent a tangible regulatory headwind, the firm’s diversified strength across dermatology and mental health, supported by a fortress balance sheet, reinforces our high-conviction outlook for a sustained long-term equity re-rating from the $24.27 entry point.

We reiterate our Strong Buy rating on Micron (MU) with a high-conviction $1,000 price target, predicated on the company’s structural transformation into a critical AI infrastructure provider as evidenced by its robust 58% year-over-year revenue expansion. Our model forecasts record FY2025 revenues of $38.5 billion and a clear trajectory toward $12.50 EPS by FY2026, supporting a significant valuation re-rating toward a 20x forward P/E multiple as MU shifts from a cyclical commodity player to a secular growth leader. The primary near-term catalyst remains the high-volume ramp of HBM3E for NVIDIA’s Blackwell platform through the second half of 2024, a milestone expected to drive consolidated gross margins toward the 50% threshold and effectively decouple the stock from traditional memory cycles. With HBM capacity already fully committed through 2025, this fundamental supply-demand imbalance underscores Micron’s unprecedented earnings power relative to logic-based semiconductor peers. While we remain cognizant of inherent pricing volatility and APAC-related geopolitical supply chain risks, the current trajectory suggests a durable floor for investors positioned to capture the multi-year AI memory supercycle.

We maintain our Strong Buy rating on NVIDIA (NVDA) with a $180 price target, identifying the current $135.13 level as a premier entry point for investors to capture the secular transition from legacy general-purpose CPUs toward high-density GPU "AI factories." This conviction is reinforced by a historic fiscal performance where Data Center revenue scaled to $26.3 billion—a 154% year-over-year surge—confirming that the global deployment of accelerated computing remains in the nascent stages of a multi-year infrastructure cycle. Trading at a justifiable 42x forward earnings, NVDA offers a compelling risk-reward profile defined by a peer-leading PEG ratio and a fundamental floor anchored by the insurmountable software moat of the proprietary CUDA ecosystem. We anticipate sustained valuation expansion driven by the imminent Blackwell platform ramp in late 2024 and the subsequent high-volume production of the Rubin architecture scheduled for the second half of 2026. While we remain mindful of concentration risks stemming from hyperscaler capital expenditure shifts and ongoing China export restrictions, the persistent structural undersupply of next-generation silicon positions NVIDIA as the primary beneficiary of the sovereign and generative AI build-out through the fiscal year.

We reiterate our Buy rating and $230 price target on Amazon, identifying the equity as a premier large-cap compounder currently trading at a compelling 30.8x FY2026 P/E relative to its record 13.1% consolidated operating margins. This fundamental profitability inflection is driven by a dual-engine acceleration in high-margin services, characterized by AWS reaccelerating toward a 28% year-over-year growth rate as generative AI workloads transition to enterprise production and an advertising segment scaling to a $70 billion annual run rate at a robust 24% clip. We view the upcoming July 30 Q2 earnings release as the key near-term tactical catalyst, where we expect North American operating margins to sustain the 9.0% threshold as regionalized fulfillment efficiencies yield permanent structural cost advantages. While Amazon’s shifting revenue mix and secular top-line momentum reinforce our positive outlook, we acknowledge potential near-term free cash flow volatility stemming from an aggressive, front-loaded $200 billion capital expenditure cycle dedicated to scaling next-generation AI infrastructure. Consequently, we see the current $195 entry point as an attractive window for investors to capture a high-conviction narrative of margin expansion and cloud dominance.

We reiterate our Buy rating and $18.00 price target on SoFi Technologies, viewing the current $11.50 entry level as an asymmetric opportunity to capture the firm’s rapid inflection into a vertically integrated, high-margin digital banking powerhouse. This conviction is underpinned by a robust 44% year-over-year expansion in the member base to 9.4 million, a momentum that leverages SoFi’s strategic bank charter advantage to support our projected 2026 EPS range of $0.60–$0.80. At a current valuation of 3.8x FY25 EV/Sales, we believe the market materially discounts the capital-light, recurring revenue profiles of the Galileo and Technisys segments as non-lending contributions scale toward a transformative 50% of total adjusted net revenue. We identify the upcoming late-July earnings print as the critical catalyst to validate the platform’s expanding operating leverage and the durability of its diversified financial services flywheel. While we remain constructive on the long-term compounding narrative, we acknowledge potential headwinds from net interest margin (NIM) compression and credit performance volatility within the unsecured portfolio should the macroeconomic backdrop shift from our baseline expectations.