Bank of America flags tech stocks with upside into quarterly earnings

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Tech stocks with upside into earnings

Highlights

Bank of America raised Box's price target by 19% to $50, citing early-stage multi-year AI-driven growth and a 32% year-to-date share increase.
Amphenol is projected to deliver another strong quarter on October 28, benefiting from AI infrastructure demand and robust IT data consumption across multiple end markets.
The bank expects Coupang Q3 revenue of $10.18 billion and adjusted EBITDA of $151 million, slightly above and below consensus respectively, driven partly by a stronger South Korean won.

Analyst calls ahead of earnings dates

As reported by CNBC, Bank of America is highlighting a group of buy-rated technology stocks that it believes still have room to rise before their next quarterly results, with its analysts citing earnings momentum and AI-linked demand across software, hardware and internet platforms.

For Box, analyst Matt Bullock says the company is one of the most underappreciated AI beneficiaries in application software. He recently called the stock a top pick, raised the price target by 19% to $50 from $42, and said the company is in the early stages of a multi-year growth acceleration while trading at a significant discount to peers. Box shares are up 32% this year and 66% over six months.

Amphenol is also expected to deliver another strong quarter, according to analyst Wamsi Mohan. He says the electronic connector maker is benefiting from AI infrastructure investment across both GPU-based and custom-accelerator architectures, while IT data demand remains robust and most end markets stay healthy. The company is scheduled to report results on October 28.

On Spotify Technology, analyst Jessica Reif Ehrlich urges investors to look past what she describes as market noise. She says the company has a long runway for growth through advertising expansion, subscriber gains, pricing and new products, adding that concerns tied to AI are overdone. Spotify shares are down almost 9% this year, and the company is due to report quarterly earnings on October 22.

AI exposure and market implications

Camtek is another name the bank favors, reiterating a Buy rating and a $200 price objective. The positive view rests on the company’s leverage to multi-year growth in AI-related advanced packaging, share gains, and a product portfolio tied to high-performance logic and memory markets.

For Coupang, Bank of America expects third-quarter revenue of $10.18 billion, slightly above consensus estimates, helped mainly by the strengthening South Korean won in August and September. It estimates adjusted EBITDA of $151 million, a little below consensus of $157 million.

Taken together, the recommendations reflect a broader view that demand tied to AI capabilities and digital platforms is continuing to support earnings potential across several parts of the technology sector. The list spans enterprise software, electronic components, semiconductors, streaming and e-commerce, suggesting the bank sees multiple routes for sector outperformance as quarterly reporting unfolds.

Our earlier article on the S&P 500’s push toward 8,000 looked at how the market’s AI-led rally is facing a tougher test as third-quarter earnings approach. We noted that elevated oil prices, higher Treasury yields, and election-related uncertainty are raising the bar for results, while market breadth and concentration in a small group of megacap winners increase the risk of a sharper reaction to any disappointment.

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