VMware (NYSE:VMW) shares closed with more than a 5% gain on Tuesday after The Financial Times reported that European Union regulators are set to approve Broadcom’s purchase of VMware.
However, approvals from UK and US authorities are still pending for the $69 billion deal, which is expected to be one of the largest tech takeovers. The European Commission is expected to announce its approval on Wednesday, stating that Broadcom’s concessions address competition concerns without requiring the sale of parts of VMware. The deal has been cleared by regulators in Canada, Brazil, and South Africa, but it faces ongoing competition concerns and probes in the US, UK, and China.

Citi analysts reaffirmed a Buy rating and a $43.00 price target on MakeMyTrip (NASDAQ:MMYT). The analyst highlighted positive catalysts for MakeMyTrip, driven by resilient travel demand and strong expectations for the first quarter.
Notably, domestic airline ticketing has shown continued momentum through May 2023, and the hotel sector has experienced decent occupancy trends and sustained high average room rates, as indicated by RBI data in April 2023.
Despite MakeMyTrip’s improving fundamentals and a favorable competitive environment among online travel agencies (OTAs), the stock has not participated in the broader NASDAQ/tech rally, with only a 2% year-to-date increase compared to the Nasdaq-100’s 39% rise. Nonetheless, the analyst maintains a positive outlook on MakeMyTrip and sees approximately 54% upside potential in their target price.

DraftKings (NASDAQ:DKNG) received an upgrade from BofA on Wednesday, shifting the rating from Neutral to Buy and raising the price target from $25 to $35 per share. Shares rose more than 5% intra-day today.
The firm believes that it is now time for DraftKings to establish its dominance in the industry, citing the company’s increasing momentum in product revenue and the overall surpassing of expectations in online gaming.
Despite DraftKings’ strong performance in 2023, the analysts believe that further gains in market share will result in positive revisions to the company’s top line in both Q2/23 and the near term. Additionally, cost leverage is expected to lead to even more significant adjustments in adjusted EBITDA and margins than previously anticipated.

Holley (NYSE:HLLY), a provider of high-performance aftermarket automotive products, saw its shares rise after receiving upgrades from JPMorgan and Bank of America. The stock jumped more than 21% intra-day today.
JPMorgan upgraded the stock from Neutral to Overweight with a $7 price target. BofA upgraded the stock from Neutral to Buy with a $6 price target.
The upgrades were driven by factors such as favorable valuation, revenue expectations for 2023 and 2024, margin improvement, and reduced leverage. BofA also noted positive web traffic data and the potential for cost-cutting benefits.

Citi reaffirmed its Neutral rating and $8.00 price target for Lucid Group (NASDAQ:LCID). In their analysis, Citi noted that Lucid reported Q2 deliveries of 1,400 units, which remained flat compared to the previous quarter. This fell short of the analysts’ expectation of 1,800 units. Additionally, production for the quarter totaled 2,200 units, slightly lower than the 2,300 units in the previous quarter. As a result, shares dropped more than 11% intra-day today.
Considering the recent surge in the stock’s value, the analysts understand the pressure the company is facing due to the significant shortfall in Q2 deliveries and the widening gap between production and delivery. The analysts believe that this disappointing demand in Q2 does not necessarily reflect a broader trend in the adoption of electric vehicles (EVs), but it will likely increase scrutiny on the timing of the Gravity launch, potential new lower-priced Air trims, and Lucid’s overall branding and marketing efforts.