Nvidia Will Lead 2024 Double-Digit Semiconductor Stock Rally, Analysts Say
Portfolio Pulse from Surbhi Jain
Cantor Fitzgerald initiated coverage on the semiconductor industry, predicting a 14% average upside for 18 stocks in 2024. Top picks include NVIDIA, Western Digital, ASML Holding, NXP Semiconductors, and GlobalFoundries, with projected upsides between 21% and 36%. Micron Technology, AMD, and Marvell Technology also have over 15% upside potential. However, Qualcomm, Teradyne, and Intel are rated neutral and expected to underperform. The semiconductor industry is in a cyclical recovery, with AI, PC/Smartphones, and Data Center/Networking sectors poised for gains. Cantor analyst C.J. Muse forecasts 18% growth in semiconductor revenues for 2024, with potential to exceed 20%.
January 23, 2024 | 6:04 pm
News sentiment analysis
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NEGATIVE IMPACT
Intel Corp is categorized as neutral by Cantor Fitzgerald and is anticipated to be a relative underperformer in the semiconductor industry.
Intel's neutral rating and underperformance expectation could negatively influence investor perception and its stock price in the short term.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
Qualcomm is rated neutral by Cantor Fitzgerald and is expected to underperform in the semiconductor sector.
Qualcomm's neutral rating and expectation to underperform could lead to a less favorable investor outlook, potentially negatively impacting its stock price in the short term.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
Teradyne falls into the neutral category according to Cantor Fitzgerald and may not keep pace with the semiconductor sector's growth.
Teradyne's neutral rating suggests a cautious outlook from analysts, which could dampen investor sentiment and affect the stock price negatively in the short term.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
ASML Holding is among Cantor Fitzgerald's top semiconductor stock picks for 2024, with an expected upside of 21%.
ASML Holding's inclusion as a top pick with a notable upside suggests a positive outlook that could influence its stock price positively in the short term.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
GlobalFoundries is expected to deliver a 23% upside in 2024, making it one of the top semiconductor stock picks by Cantor Fitzgerald.
GlobalFoundries' inclusion as a top pick with a significant upside indicates a bullish outlook that could positively impact its stock price in the short term.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
NVIDIA is projected to have the highest upside of 36% among Cantor Fitzgerald's top semiconductor stock picks for 2024.
NVIDIA's leading position in the report as the top pick with the highest upside potential suggests strong confidence from analysts, which could positively influence investor sentiment and stock price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
NXP Semiconductors is projected to have a 23% upside in 2024, as per Cantor Fitzgerald's coverage on the semiconductor sector.
NXP Semiconductors' positive upside projection could lead to increased investor interest and a potential rise in its stock price in the short term.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
The iShares Semiconductor ETF, which tracks the semiconductor sector, is expected to benefit from the industry's cyclical recovery and growth in AI, PC/Smartphones, and Data Center/Networking sectors.
The positive outlook for the semiconductor industry and the cyclical recovery could lead to increased investor interest in SOXX, potentially driving up its price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Western Digital is expected to see a 31% upside in 2024, making it one of the top semiconductor stock picks by Cantor Fitzgerald.
Western Digital's significant upside projection positions it as a strong contender for growth, likely to attract investor interest and potentially drive up the stock price in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85