Ahead Of Chip Earnings, Analyst Turns More Bullish On Nvidia And These Semiconductor Stocks On Robust AI Demand
Portfolio Pulse from Shanthi Rexaline
KeyBanc Capital Markets' analyst John Vinh has updated his outlook on semiconductor stocks, becoming more bullish on Nvidia and others due to robust AI demand. Supply-chain checks indicate mixed results across the semiconductor industry, with AI-related demand remaining strong. Vinh's channel checks are most positive for Nvidia, Micron, Qualcomm, and Monolithic Power Systems, and he has adjusted price targets accordingly. The iShares Semiconductor ETF (SOXX) has seen a slight increase and a notable year-to-date gain.
April 08, 2024 | 12:24 pm
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POSITIVE IMPACT
Monolithic Power Systems' outlook is positive, with an increased price target from $830 to $850.
The increase in Monolithic Power Systems' price target is due to positive market outlook and strong demand signals.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Micron Technology's outlook is positive, with an increased price target from $135 to $150.
Micron's price target increase is a result of positive channel checks and expected strong performance in the semiconductor market.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Nvidia's outlook is highly positive, with an increased price target from $1,100 to $1,200 due to strong AI demand.
Nvidia's increased price target reflects strong demand for AI, particularly in server supply chains and plans to double capacity at TSMC.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Qualcomm's outlook is positive, with an increased price target from $180 to $205.
Qualcomm's price target boost reflects its strong position in the semiconductor market, particularly in high-end Android phone demand.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
iShares Semiconductor ETF (SOXX) edged up 0.12% at $221.90, with a 15.5% gain year-to-date.
SOXX's performance reflects the overall positive sentiment in the semiconductor industry, influenced by AI demand and analyst upgrades.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80