Nvidia, Micron, others in focus as KeyBanc boosts targets after chip checks – Seeking Alpha
Mykola Pokhodzhay
Several semiconductor stocks were in focus on Tuesday, including Nvidia (NASDAQ:NVDA), AMD (NASDAQ:AMD) and Micron (NASDAQ:MU), as KeyBanc Capital Markets said a recent supply chain check into the semiconductor industry was “mixed.”
The analog space has not been able to sustain the improvement in bookings that were seen last quarter, due in large part to the ongoing correction in the automotive space, analysts led by John Vinh wrote in the note. As such, KeyBanc lowered its estimates for On Semiconductor (ON) and moved its price target to $85 and also lowered its estimates for Lattice Semiconductor (LSCC).
Conversely, the traditional server market has started to see a “meaningful” recovery, while demand for generative artificial intelligence is still “robust.” The firm raised its estimates on Nvidia and boosted its price target on the stock to $180 from $130. It also raised its price targets for Micron, Marvell (MRVL), and Monolithic Power Systems (MPWR) to $165, $95 and $975, respectively.
The checks were mixed for AMD and the firm lowered its price target on the Dr. Lisa Su-led company to $220.
Lastly, KeyBanc weighed in on the smartphone space, noting it has seen an improvement in build expectations for the iPhone 16 as a result of Apple’s (AAPL) push into AI and weaker demand for Android devices. As such, the firm raised its estimates and price target on Cirrus Logic (CRUS), which supplies parts to Apple. It cut its estimates for Qualcomm (NASDAQ:QCOM), but raised its price target to $225 from $205.
