8 POSSIBLE BEST 100X ICOs June 2018 | Millionaire
Best Cryptocurrency To Invest In June 2018
Removing the crypto-related contributions de-risks the outlook, some analysts say
Nvidia Corp.’s fiscal second-quarter results and outlook disappointed investors, but it made Wall Street analysts even more bullish, as they brushed aside the surprise drop in cryptocurrency-mining sales and the softer outlook.
Some analysts even welcomed the reduced crypto-related focus, as it allowed them to zero in on the graphics-chip maker’s earnings and revenue beats, and upbeat outlooks on gaming, datacenter artificial intelligence and autonomous driving businesses.
One analyst upgraded the stock to the equivalent of a buy rating—
–and five increased their price targets, according to FactSet. That brought the number of bullish analysts surveyed by FactSet up to 21, and the number with the equivalent of hold ratings down to 12. The average target increased to $281.53 from $275.80 at the end of July, according to FactSet.
dropped 4.5% in afternoon trade,
, and has lost nearly 8% since the June 14 record close of $266.91. The company said crypto-specific revenue was $18 million, below expectations of about $100 million, and is now projecting zero crypto-related contributions in its outlook.
Revenue for the latest quarter rose 40% to $3.12 billion, above the FactSet consensus of $3.10 billion, as gaming, datacenter, visualization and auto-related revenue all rose above expectations.
Nvidia said it expects third-quarter revenue of $3.19 billion to $3.32 billion, below the FactSet consensus of $3.34 billion.
Opinion: Nvidia says crypto-mining boom is over for now
Analyst Rick Shafer at Oppenheimer raised his rating to outperform from perform. He said that while the stock could see some near-term pressure, as the downbeat outlook comes after such a strong performance in the stock, he sees “significant pent up demand” for Nvidia’s Turing gaming graphics processing units and believes estimates have been reset for upside.
“With three solid, structural growth drivers in [datacenter] AI, gaming and autonomous, we see continued outsized growth, structural growth drivers in [datacenter] AI Best Cryptocurrency To Invest In June 2018
The stock has run up 27% year to date, after soaring 81% in 2017. In comparison, the PHLX Semiconductor Index
has gained 5.0% this year after rising 38% last year Best Cryptocurrency To Invest In June 2018 , and the S&P 500 index
has advanced 6.2% so far in 2018 after climbing 19% in 2017.
Raymond James analyst Chris Caso reiterated the outperform rating he’s had on the stock for the past 14 months, and his price target of $300, which is 17% above Thursday’s closing price of $257.44. In effect, he said good riddance to the company’s expectations for any crypto-related contributions.
“[W]ith the crypto risk now out of the way, we see the potential for future beats driven by the new gaming cycle,” Caso wrote. “Additionally, we continue to believe [Nvidia’s] valuation is not being driven by near-term numbers, but rather on the long-term potential for datacenter and auto.”
SunTrust Robinson Humphrey’s William Stein had a similar view on Nvidia’s crypto business, which he said he “disliked” for its volatility. Since the “stutter-step” in the downbeat outlook is mostly isolated to crypto, Stein said taking the outlook to zero “meaningfully de-risks the model.”
He reiterated his buy rating and $316 stock price target.
Get the top tech stories of the day delivered to your inbox. Subscribe to MarketWatch's free Tech Daily newsletter.
Despite stock records, bears have ‘unfinished business’ with market, Morgan Stanley warns
As S&P 500 rises to a record, these laggards are expected to come roaring back
How to potentially become a marijuana millionaire, albeit carefully
Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.
How to potentially become a marijuana millionaire, albeit carefully
The Dow just busted out of its longest stint in correction territory in nearly 60 years
Now would be the time for Apple to buy Tesla, and kick Musk out of the driver’s seat
Two lessons from Lehman Brothers’ 2008 collapse can save your investments
Why Trump's Friend David Pecker Matters in the Cohen Case
0 Reviews:
Post Your Review