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Fly News Breaks for May 19, 2017
May 19, 2017 | 09:12 EDT
As noted earlier, Bernstein started coverage of Nvidia with a $165 price target and an Outperform rating. The analyst thinks that the stock can rise further, driven by a large datacenter total available market, significant automotive growth, and sustainable gaming growth.
News For NVDA From the Last 2 Days
Jun 21, 2017 | 10:58 EDT
The shares of AMD (AMD) are climbing after the company announced the launch of its EPYC series data center processors. Analysts were upbeat on the processors, as research firms Canaccord and Craig-Hallum raised their price targets on AMD and Bank of America Merrill Lynch said the processors could create a positive "turning point" for the company. Meanwhile, Merrill Lynch downgraded Intel (INTC) to Neutral from Buy, citing increased competition from AMD and Nvidia (NVDA). AMD TARGETS HIKED: Craig-Hallum analyst Christian Schwab raised his price target on AMD to $17 from $16, stating that the company's list of customers and partners, which includes Microsoft (MSFT), Baidu (BIDU) and Dell, is "strong." AMD emphasized that EPYC offers better performance and lower prices than competing chips from Intel, according to Schwab, who said he's more confident in AMD's data center business following the product launch. He reiterated a Buy rating on the stock. Meanwhile, Canaccord's David Evanson said AMD has "built the foundation to re-emerge as a solid competitor in the enterprise, cloud and storage tiers of the server market. Evanson, who raised his price target on AMD shares to $20 from $17, said the "unique" combination of CPU and GPU technologies embodied in AMD's processors add value to customers' deep learning and AI endeavors. He kept a Buy rating on the shares. TURNING POINT: BofA analyst Vivek Arya says that EPYC could be a "turning point" for the company's data center business, as the product appears to provide "significantly better price per performance" compared to competing products from Intel. It seems that the product will enable AMD to gain market share in the server market, added Arya, who kept a $16.50 price target and a Buy rating on AMD. Increased competition from AMD in servers and market share gains by Nvidia in accelerators and artificial intelligence could limit Intel's ability to raise prices in the future as it has done historically, wrote Arya, who downgraded Intel to Neutral from Buy. Over the last five years, about a third of Intel's revenue growth from data center companies has been derived from price increases, Arya noted. Meanwhile, Intel has had to raise its operating spending to cater to large cloud customers and has been forced to increase its investments in memory products, according to the analyst, who trimmed his price target on Intel to $38 from $42. PRICE ACTION: In morning trading, AMD rose nearly 8% to $13.63 while Intel fell 1.5% to $34.33.
Jun 21, 2017 | 08:00 EDT
Notable profits for the buyer who lifted the $11.42 offer for 2,850 NVIDIA (NVDA) Oct-17 150 puts yesterday at 10:23ET when underlying shares were trading at $159.77. Shares closed at $157.09, and the puts at $12.38 for a mark-to-market profit of 8%, or $273K, on the $3254K outlay.
Jun 21, 2017 | 06:54 EDT
As previously reported, BofA Merrill Lynch analyst Vivek Arya downgraded Intel (INTC) to Neutral from Buy, as he fears increased competition from AMD (AMD) in servers and Nvidia (NVDA) share gains in AI and accelerators could limit Intel's average selling price expansion, which he notes has been a key source of its growth. Also, opex pressure from larger cloud customers and capex pressure from increased memory investments is pressuring Intel's free cash flow, added Arya, who cut his price target on Intel shares to $38 from $42.
Jun 20, 2017 | 10:24 EDT
The shares of Nvidia (NVDA) are gaining ground after research firm Pacific Crest upgraded the stock to Sector Weight from Underweight, its equivalent of a sell rating. The company's gaming business should be boosted by strong demand for cryptocurrency mining tools, the firm stated. STRONG CRYTOCURRENCY DEMAND: After conducting supply chain checks in Asia, Pacific Crest analyst Michael McConnell believes that strong demand for Nvidia's graphic processing units for use in cryptocurrency mining "has rapidly depleted" the inventory in Nvidia's channels. As a result, the analyst is less worried about the growth of the company's gaming business for the rest of fiscal 2018. In the wake of the firm's checks, McConnell is also less concerned about the record days of inventory and "elevated" days of sale outstanding that he says the company is facing. BEARISH NOTE: On June 15, Wells Fargo issued a bearish note on Nvidia. According to the firm, Nvidia's accelerators "are optimized for some specific types of applications" i.e. graphics or image processing, leaving the door open for processors that are stronger in other areas. Wells expects several different classes of datacenter accelerators to eventually emerge, creating more competition for Nvidia. The firm kept an Underperform rating on the stock. PRICE ACTION: In morning trading, Nvidia rose 1.5% to $159.65. Year-to-date, the stock is up nearly 50%.
Jun 20, 2017 | 09:55 EDT
Notable gainers among liquid option names this morning include Lennar (LEN) $55.48 +2.83, Regeneron (REGN) $484.23 +12.73, NVIDIA (NVDA) $161.46 +4.19, LabCorp (LH) $145.30 +3.48, and D R Horton (DHI) $34.66 +0.82.
Jun 20, 2017 | 06:02 EDT
Pacific Crest analyst Michael McConnell downgraded ON Semiconductor (ON) to Sector Weight after Asia supply-chain channel checks left him "incrementally more cautious." Signs of double-ordering by customers raises risk of a correction over the next 12 months, McConnell tells investors in a research note. He recommends investors move to the sidelines with respect to the shares. The analyst this morning also upgraded Nvidia (NVDA) to Sector Weight and Marvell Technology (MRVL) to Overweight.
Jun 20, 2017 | 06:00 EDT
Pacific Crest analyst Michael McConnell upgraded Nvidia to Sector Weight after Asia supply-chain channel checks left him "incrementally more positive." Strong GPU demand from the cryptocurrency mining market has "rapidly depleted excess channel inventory" carried into Q2 and reduces gaming segment growth concerns in FY18, McConnell tells investors in a research note.
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