Nvidia and AMD Rule The Charts - Here Are Other Semiconductor Plays That Analysts Root For
Portfolio Pulse from Anusuya Lahiri
Analysts from Citi and Mizuho provided their insights on the semiconductor industry, highlighting their top stock picks and price targets. Citi's Christopher Danely is optimistic about the semiconductor market's recovery, particularly in DRAM, and reiterated Micron Technology as his top pick with a price target of $95. He also recommended AMD, Microchip Technology, Broadcom (AVGO), Analog Devices, ON Semiconductor, Qualcomm, and GlobalFoundries. Mizuho's Vijay Rakesh discussed the data center and AI supply chain, favoring Nvidia for its AI dominance and Intel for its upcoming product ramps. Rakesh also sees potential in AMD's AI competition and has Buy ratings on AMD, Broadcom, Intel, Micron, Nvidia, Seagate Technology, and Western Digital with respective price targets of $162, $1,250, $58, $100, $625, $100, and $62.
January 23, 2024 | 9:25 pm
News sentiment analysis
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POSITIVE IMPACT
Citi and Mizuho analysts have a positive outlook on AMD, with Citi setting a price target of $136 and Mizuho at $162, citing PC recovery, server share gains, AI success, and strong demand for AMD MI300X.
Both Citi and Mizuho analysts have issued Buy ratings and high price targets for AMD, indicating strong confidence in the company's growth prospects in various market segments.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Intel is seen positively by Mizuho analyst Vijay Rakesh, with a Buy rating and a price target of $58, as the company is expected to close the gap with AMD and benefit from AI opportunities and roadmap execution.
The anticipated product ramps and focus on AI are expected to help Intel close the technology gap with competitors, which is reflected in the analyst's positive rating and price target.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Citi analyst Christopher Danely reiterated Micron Technology as his top pick with a price target of $95, expecting a 50% year-on-year increase in DRAM pricing in 2024.
Micron is highlighted as the top pick by Citi, with a significant expected increase in DRAM pricing, which is a key driver for Micron's revenue.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Mizuho analyst Vijay Rakesh is bullish on Nvidia, with a Buy rating and a price target of $625, citing its dominance in AI and strong performance in PCs, gaming, automotive, and data centers.
Nvidia's leadership in AI and its strong presence across multiple market segments support the analyst's bullish stance and high price target.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Seagate Technology has a Buy rating from Mizuho analyst Vijay Rakesh with a price target of $100, based on HDD inventory normalization and potential growth in the second half of the year.
The normalization of HDD inventories and the potential for growth in the latter part of the year contribute to the analyst's positive outlook and price target for Seagate Technology.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Western Digital receives a Buy rating and a price target of $62 from Mizuho analyst Vijay Rakesh, reflecting an improving HDD/NAND market and a better recovery outlook for 2024.
The analyst's positive rating and price target for Western Digital are based on the expected market recovery and the company's strategic focus on inventory and supply management.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80