AbbVie, CRH announce acquisitions as analysts raise targets on tech and materials stocks

AbbVie disclosed an acquisition move while CRH agreed to buy Arcosa for $8.5 billion. The transaction is described as complementary to CRH's existing operations amid rising demand for energy and utility infrastructure. Goldman Sachs served as financial adviser to both Apogee on its sale and to Arcosa on the CRH deal.

The bank is positioned by some investors as a beneficiary of increased deal activity.

Analyst actions on materials and tech Truist raised its price target on Corning to $205 from $149, citing strength in the company's segment tied to AI data center construction. The firm kept a hold rating, pointing to limited upside versus consensus estimates and current valuation levels.

Morgan Stanley kept its view that steel prices will stay elevated through the second half of the year. It lifted Nucor's price target to $258 from $227 while raising Cleveland-Cliffs' target to $12.50 from $12 and shifting the latter to a hold rating.

Beauty and semiconductor coverage Goldman Sachs reinstated coverage of Estée Lauder with a buy rating and $100 price target. The firm said the market may be underestimating the company's growth trajectory after Estée Lauder ended merger discussions with Puig last month.

Wells Fargo raised price targets on Applied Materials, KLA Corp, Lam Research, and ASML. The firm highlighted ASML's role in supplying advanced lithography equipment used in AI chip production and noted that three of the four stocks have more than doubled this year.

Chevron and Microsoft reached a 20-year agreement to supply natural gas power for a West Texas data center project. The majority of generation capacity will come from GE Vernova turbines.