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NVDA

Nvidia

$164.74

-7.37 (-4.28%)

, INTC

Intel

$36.14

-0.45 (-1.23%)

10:40
08/11/17
08/11
10:40
08/11/17
10:40

Nvidia pullback after Q2 beat called a 'gift' by bulls

Nvdia (NVDA) yesterday reported stronger than expected results but its stock fell as its datacenter revenue came in below expectations. Moreover, the beat was seen by many as being driven by the company's cryptocurrency business, which is generally viewed as quite volatile. However, a number of firms were upbeat on the stock, with Citi calling the pullback in the shares a "gift" and Jefferies recommending that investors buy the shares on weakness. Nomura Instinet, a rare bear on the stock, raised its target but still sees the shares having a large amount of downside potential. BULLISH TAKE: Citi analyst Atif Malik called the weakness in Nvidia's stock "a gift," suggesting that the company's datacenter business may have been hindered last quarter by the transition to its new Volta chip. Noting that Nvidia expects its revenue from datacenters to rise this quarter, the analyst says that the chip maker can "easily" beat the Street's prior datacenter revenue estimate for the quarter of $466M. The analyst continues to expect the company to benefit from strength in its datacenter, gaming and auto businesses this year, and he raised his price target on the stock to $185 from $180 while keeping a Buy rating on the shares. Also upbeat on Nvidia was Jefferies analyst Mark Lipacis, who recommended that investors buy the stock on weakness. The company's datacenter business should resume growing at a "healthy" rate as Volta is evaluated and then adopted by multiple customers, the analyst explained. He continues to expect the company to benefit from the shift to "parallel processing architectures." Lipacis kept a $180 price target and a Buy rating on the shares. MORE CAUTIOUS: Stifel analyst Kevin Cassidy called Nvidia's results "solid," but he believes that some investors could be disappointed that "much" of the company's "revenue beat...came from the highly volatile crytocurrency market and not from datacenters' adoption" of Nvidia's chips. Calling datacenter revenue "notoriously lumpy," the analyst still expects Nvidia's revenue from datacenters to rise 15%-20% annually over the longer term. Cassidy raised his price target on the shares to $110 from $93 but kept a Hold rating on the stock based on valuation. Nvidia reported "impressive" results, and its datacenter business should accelerate as Volta becomes more widely available this quarter, wrote Roth Capital's Brian Alger. He said Nvidia's performance over the past several quarters has made it clear that neither Intel (INTC) nor AMD (AMD) have been able to slow the company's growth, leaving it "alone" among semiconductor companies in terms of big volume and big dollar growth potential. However, the analyst "struggles" with predicting that the stock's current valuation will rise significantly further. Alger raised his price target on Nvidia to $150 from $120, but kept a Neutral rating on the shares. RARE BEAR: Nomura Instinet analyst Romit Shah said Nvidia continues to see "subdued" trends in core PC gaming, minimal gross margin leverage and decelerating revenue and earnings growth. Shah believes shares remain overvalued and reiterates his Reduce rating, though he raised his price target on the stock to $110 from $90. PRICE ACTION: In morning trading, Nvidia fell 5% to $156.45.

NVDA

Nvidia

$164.74

-7.37 (-4.28%)

INTC

Intel

$36.14

-0.45 (-1.23%)

AMD

AMD

$12.12

-0.71 (-5.53%)

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  • 12

    Sep

NVDA Nvidia
$164.74

-7.37 (-4.28%)

08/11/17
ROTH
08/11/17
NO CHANGE
Target $150
ROTH
Neutral
Roth says Nvidia 'stands alone' in semiconductors, valuation 'only question'
Roth Capital analyst Brian Alger said Nvidia's (NVDA) performance over the past several quarters has made it clear that neither Intel (INTC) nor AMD (AMD) have been able to slow the company's growth. Nvidia "stands alone" among semiconductor companies in terms of big volume and big dollar growth potential, but valuation of its stock remains the "only question," according to Alger. He raised his FY19 revenue estimate by roughly $1B and increased his price target on Nvidia shares to $150 from $120, but maintains a Neutral rating on the stock.
08/11/17
NOMU
08/11/17
NO CHANGE
Target $110
NOMU
Reduce
Nvidia core gaming still slow, datacenter uncertain, says Nomura Instinet
Nomura Instinet analyst Romit Shah said Nvidia continues to see "subdued" trends in core PC gaming, minimal, gross margin leverage and decelerating revenue and earnings growth. Shah believes shares remain overvalued and reiterates his Reduce rating, but raises his price target to $110 from $90.
08/11/17
RHCO
08/11/17
NO CHANGE
RHCO
Nvidia shares should be bought on weakness, says SunTrust
SunTrust analyst William Stein says that Nvidia significantly beat Q2 expectations even excluding its cryptocurrency business, and he thinks the cryptocurrency business will be sustainable. Stein adds that analysts keep anticipating that the company's revenue growth will slow, but he says their estimate of when this will occur keeps getting delayed. He recommends buying the stock on weakness.
08/11/17
LOOP
08/11/17
NO CHANGE
Target $181
LOOP
Buy
Nvidia pullback presents 'compelling' entry point, says Loop Capital
With Nvidia shares "priced for perfection" into its Q2 report, Loop Capital analyst Betsy Van Hees attributes the post-earnings pullback in the stock to the company's "modest" 2% sequential growth in data center and the guidance for a large sequential step-up in operating expenses. However, she thinks investors' concerns that data center growth has topped out are unwarranted, noting that the quarter featured a transition to Volta, which is now ramped. The analyst, who also contends that Nvidia must continue to spend to maintain its leadership position, raised her price target on the stock to $181 from $137, keeps a Buy rating and view the pullback as a "compelling" entry point to the stock.
INTC Intel
$36.14

-0.45 (-1.23%)

08/09/17
BNCH
08/09/17
NO CHANGE
BNCH
Buy
CEVA could be pressured by latest in Qualcomm-Apple fight, says Benchmark
Benchmark analyst Gary Mobley noted that Qualcomm (QCOM) announced that the ITC has commenced an investigation into Apple's (AAPL) use of certain mobile devices, radio frequency and processing components" as the companies continue their legal fight over disputed royalties. Intel (INTC) and Qualcomm currently split the iPhone 7 thin modem business and it is expected they'll also evenly split the iPhone 8 business, said Mobley, who noted that CEVA (CEVA) could lose $2M-$2.5M in annual royalties if the Intel-based phones are banned for U.S. import. He keeps a Buy rating on CEVA shares, which are down fractionally in early trading.
07/31/17
DADA
07/31/17
NO CHANGE
DADA
Super Micro has positive read through from Intel comments, says DA Davidson
DA Davidson analyst Mark Kelleher says that comments by Intel (INTC) indicate that its Skylake processor is "on track." The analyst says that there was previously a possibility that the processor would be delayed, and he views the company's latest comments as positive for Super Micro Computer (SMCI). He keeps a $33 price target and a Buy rating on the stock.
07/31/17
WELS
07/31/17
NO CHANGE
WELS
Wells Fargo downgrades Semiconductor sector to Market Weight
Wells Fargo analyst David Wong downgraded the Semiconductor sector to Market Weight from Overweight. Recent earnings reports from chip companies suggest that year-over-year growth will likely plateau or perhaps even decelerate over the next few months, Wong tells investors in a research note. He believes many chip stocks now have "elevated multiples" off calendar 2018 earnings estimates. Wong still sees good investment opportunities in some specific stocks, however, and reiterates Outperform ratings on Intel (INTC), Qualcomm (QCOM), Micron (MU), AMD (AMD), Skyworks (SWKS) and Microsemi (MSCC).
AMD AMD
$12.12

-0.71 (-5.53%)

08/08/17
WELS
08/08/17
NO CHANGE
WELS
AMD competitive position has improved, says Wells Fargo
Wells Fargo says that AMD's "smooth execution on important new product introductions has significantly improved" its "competitive position in microprocessors and graphics chips." The firm quotes a third party researcher as saying that the company has started to gain share in server processors.
07/28/17
MACQ
07/28/17
NO CHANGE
Target $40
MACQ
Outperform
Intel long-term growth sustainable, says Macquarie
Macquarie analyst Srini Pajjuri said Intel (INTC) reported a solid quarter and raised its FY17 outlook. The analyst believes PC inventory risk is largely in guidance and DCG growth was better, and thinks the best is yet to come for Purley. The analyst believes 8-10% growth is sustainable longer term as any gains by AMD (AMD) should be limited to the low end and Purley's AI/ML workload performance should sustain Intel's lead in inferencing against Nvidia (NVDA). Pajjuri rates Intel an Outperform with a $40 price target.

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PepsiCo

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NSANY

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ECYT

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CBI

CB&I

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AAPL

Apple

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DIS

Disney

$102.78

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Lionsgate

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21st Century Fox

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FOX

21st Century Fox

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CMCSK

Comcast

CMCSA

Comcast

$36.41

-0.01 (-0.03%)

TWX

Time Warner

$89.91

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VIA

Viacom

$32.90

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$NSD

NASDAQ Market Internals

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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

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GNC

GNC Holdings

$5.65

0.2 (3.67%)

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OSTK

Overstock.com

$61.05

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Overstock com call volume above normal and directionally bullish »

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M

Macy's

$21.56

0.93 (4.51%)

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GM

General Motors

$44.37

0.075 (0.17%)

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10K GM Dec 44 calls sold at $1.20 »

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Macy's

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0.9366 (4.54%)

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TCEHY

Tencent

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AMZN

Amazon.com

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UEPS

Net 1 UEPS

$12.28

2.16 (21.34%)

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FORR

Forrester

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MRO

Marathon Oil

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SKYW

SkyWest

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SFTBF

SoftBank

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$NSD

NASDAQ Market Internals

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KNL

Knoll

$20.77

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