With everyone focusing on Nvidia, JPMorgan likes this other chip stock reporting earnings this week

Pelican Press · 2024-08-28T19:15:41+0000

This is the hidden content, please Sign In or Sign Up With everyone focusing on Nvidia, JPMorgan likes this other chip stock reporting earnings this week Nvidia isn’t the only chipmaker to keep an eye out for — according to JPMorgan, which advised clients also monitor Marvell Technology . Analyst Harlan Sur reiterated his overweight rating on Marvell shares ahead of the company’s earnings announcement Thursday afternoon. He holds a $90 price target on shares, which indicates 30.7% upside potential from Monday’s close. JPMorgan sees second-quarter results and forward guidance coming in line with consensus forecasts. Revenue growth is estimated to rise 12% quarter over quarter in the final three months of the year amid data center expansion. Marvell’s high-profile artificial intelligence application-specific integrated circuit (ASIC) programs should power its revenue recovery, per Sur. “We see the team’s AI ASIC/Optical/ cloud/storage segments continuing to drive solid growth while current 5G/ enterprise businesses stabilize, and we believe the company continues to ******** on its LT growth initiatives and should drive above-industry growth mid-/longer term,” Sur wrote in a research note on Wednesday. To be sure, the analyst noted the demand backdrop for Marvell’s cyclical businesses remain muted and result in ****** margins trending lower in the latter half of the year. Shares are up just 15.5% in 2024, underperforming both the S & P 500 and the VanEck Semiconductor ETF’s 39.3% gain. This is the hidden content, please Sign In or Sign Up #focusing #Nvidia #JPMorgan #likes #chip #stock #reporting #earnings #week This is the hidden content, please Sign In or Sign Up This is the hidden content, please Sign In or Sign Up

By Pelican Press,
August 28, 2024 in World News

https://hopzone.eu/forums/topic/112016-with-everyone-focusing-on-nvidia-jpmorgan-likes-this-other-chip-stock-reporting-earnings-this-week/

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Posted August 28, 2024

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