Chip-Chip, Hooray: Nvidia, AMD Lead Semiconductor Rally Premarket
Portfolio Pulse from Shanthi Rexaline
Shares of chipmakers Nvidia Corp. (NVDA) and Advanced Micro Devices, Inc. (AMD) are leading a premarket rally. KeyBanc Capital Markets analyst John Vinh raised the price targets for several companies in the sector, including AMD, Nvidia, Monolithic Power Systems, Inc. (MPWR), Marvell Technology, Inc. (MRVL), ON Semiconductor Corporation (ON), and Texas Instruments, Inc. (TXN), citing strong AI data center demand. However, the firm's Q2 supply chain findings were more negative due to weak China demand and softness in consumer-facing end markets.
July 11, 2023 | 11:56 am
News sentiment analysis
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POSITIVE IMPACT
AMD's price target was raised from $150 to $160 by KeyBanc, citing strong AI data center demand.
The raised price target by KeyBanc indicates a positive outlook for AMD, which could lead to an increase in its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Monolithic Power Systems' price target was lifted from $510 to $600 by KeyBanc.
The raised price target by KeyBanc indicates a positive outlook for Monolithic Power Systems, which could lead to an increase in its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Marvell Technology's price target was nudged up from $70 to $80 by KeyBanc.
The raised price target by KeyBanc indicates a positive outlook for Marvell Technology, which could lead to an increase in its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Nvidia's price target was raised from $500 to $550 by KeyBanc, citing strong AI data center demand.
The raised price target by KeyBanc indicates a positive outlook for Nvidia, which could lead to an increase in its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
ON Semiconductor's price target was adjusted up from $100 to $110 by KeyBanc.
The raised price target by KeyBanc indicates a positive outlook for ON Semiconductor, which could lead to an increase in its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The iShares Semiconductor ETF (SOXX) gained 0.57% to $507.52 in premarket trading.
The gain in premarket trading indicates a positive outlook for the iShares Semiconductor ETF, which could lead to an increase in its price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Texas Instruments' price target was maintained unchanged at $200 by KeyBanc.
The unchanged price target by KeyBanc indicates a neutral outlook for Texas Instruments, which could lead to a stable stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80