![]() They called out management's commentary that the data center road map remains on track and acknowledged that the Automotive segment is inflecting. ![]() In Citi's view, gaming should rebound into 2023 as the inventory correction comes to an end and new products launch. ![]() 19, highlighting expectations for new gaming product announcements. However, what separates Citi's call from the pack is that despite the PT cut, they opened a so-called positive catalyst watch call on the stock heading into Nvidia's developers GTC conference, starting Sept. The analyst at Citi did as well, cutting their target from $248 per share from $285. Taking a look at analyst reactions to Nvidia's quarter and guidance, just about every analyst on the Street cut numbers and lowered their price targets. The reason: It's a sign that most of the sellers have already sold and the buyers are coming because they sense a bottom forming and want to get in before it's too late. In general, our rule of thumb is that when a stock rallies on bad news - and the quarter certainly can't be characterized as good news - it's a bullish sign. (Marvell reported its quarter after the closing bell Thursday, basically in-line with forecasts on earnings-per-share and revenue but a little light on guidance.) The price action in Nvidia's stock was a bit counterintuitive. Advanced Micro Devices (AMD), Qualcomm (QCOM) and Marvell Technology (MRVL) were all up between roughly 3% and 5% in the regular session. Shares of Club holding Nvidia were up nearly 3% in Thursday's session, taking our other chip holdings along for the ride. Following a sharp decline after-hours, Wall Street apparently came to see it our way. As noted Wednesday evening, we thought Nvidia's weaker forward guidance, after a quarter that basically matched its preannouncement, would be viewed as a reset of expectations. Semiconductors stocks rallied Thursday as Nvidia (NVDA) saw its shares turn their premarket losses into gains shortly after Wall Street's open.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |