Chip stocks including Nvidia Corp (NASDAQ:NVDA), Advanced Micro Devices, Inc (NASDAQ:AMD), Broadcom Inc (NASDAQ:AVGO), Micron Technology, Inc (NASDAQ:MU), and Taiwan Semiconductor Manufacturing Co (NYSE:TSM) , Intel Corporation (NASDAQ:INTC), Monolithic Power Systems, Inc. (NASDAQ:MPWR), Marvell Technology, Inc. (NASDAQ:MRVL), and ON Semiconductor, Inc. (NASDAQ:ON) are rising on Friday.
The move is in line with Western Digital Co. (NASDAQ:WDC)’s rise following a strong quarterly print.
On Thursday, Western Digital reported first-quarter EPS of $1.78, beating analyst consensus of $1.73. Quarterly revenue was $4.09 billion, compared with $2.75 billion in the year-ago period and below consensus estimates of $4.12 billion.
Also read: Competition between Nvidia and Intel threatens AMD’s growth, says analyst
Western Digital expects second-quarter revenue of $4.2 billion to $4.4 billion, compared to the expected $4.35 billion, and adjusted EPS of $1.75 to $2.05, compared to the expected $1.95.
KeyBanc analyst John Bin recently noted mixed performance in the semiconductor supply chain and revised some forecasts and price targets. He cited signs of automotive recovery and strong demand for traditional servers and AI, despite the analog market weakness, and said NVIDIA’s Blackwell launch is scheduled for the fourth quarter. Ta.
Bin downgraded Qualcomm (NASDAQ:QCOM) and Synaptics (NASDAQ:SYNA) to sector weights, with Qualcomm becoming MediaTek due to price competition and Synaptics’ challenge in IoT against local rival HiSilicon. He pointed out that it had lost market share.
He positively highlighted strong demand for AI and servers for NVIDIA and AMD, while Micron, Monolithic Power, Marvell and Intel face headwinds from declining market share and increased competition.
Stock research is a valuable source of information about a company’s fundamentals. Analysts create financial models to arrive at stock price targets and recommendations based on a company’s fundamentals and expected future earnings.
The average one-year price target for Western Digital stock is $92.07, which corresponds to an expected upside rate of 27.01%.
Differences in assumptions can cause analysts to arrive at very different price targets and recommendations. No analyst(s) have a bearish recommendation on Western Digital, while 12 analysts have given a bullish rating to the stock. Rosenblatt has a street high of $115.0 and Susquehanna has a street low of $75.0.
Price Action: At last check on Friday, NVDA stock was up 2.13% at $143.33. AMD stock rose 3.09%, AVGO stock rose 2.47%, MU rose 2.80%, TSM rose 2.64%, ON rose 3.17%, and INTC stock rose 3.69%.
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