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Nvidia (NVDA) tipped for Q3 beats in next week’s report
Nvidia (NVDA) is on track to deliver a Q3 earnings beat next week after Deutsche Bank claimed that the semiconductor company’s quality of growth in gaming and data is “unparalleled”.
Analyst Ross Seymore said on Thursday that he expects Nvidia to come in with a robust quarterly report and follow up with Q4 guidance that goes above the Wall Street consensus.
Seymore sent a bullish note to clients that touched on some of the company’s strengths, including its cluster of “rapidly growing sectors” that should perform well into fiscal 2021.
He backed up his sentiments by adding $50 to a new $500 price target, though that is still lower than the $586.33 average PT.
While Deutsche Bank is confident that Nvidia will impress as it continues to “hit on all cylinders”, it believes that rival Intel’s (INTC) recent mixed report should give investors pause for thought.
Intel did match analyst expectations when it disclosed results in late October, but there were weaknesses in some of its data-driven businesses, which prompted a post-earnings stock sell-off.
Seymore also said that many of Nvidia’s strengths are already factored into its current share price.
He added that Deutsche Bank expects NVDA to forecast $4.71bn revenues for the current quarter versus the $4.41bn consensus.
Nvidia is expected to post its Q3 results on Wednesday 18th November.
Heading into that financial showing, it has a consensus analyst rating at overweight with 26 buy, six hold and three sell ratings.
NVDA was trading in the black on Thursday as shares eased 1.39% higher to $544.23 at midday on the Nasdaq.
Intel went in the other direction, declining 2.50% to $45.19.
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