Truist raises estimates on Nvidia, Broadcom, others ahead of Q2 results
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Investment firm Truist raised its estimates on several semiconductor stocks on Friday, including Nvidia (NASDAQ:NVDA), ahead of second-quarter earnings season.
Analyst William Stein, who has buy ratings on Nvidia (NVDA), Broadcom (NASDAQ:AVGO), Belden (NYSE:BDC) and Microchip (NASDAQ:MCHP), noted that there has been some "mixed" feedback from an industry contact.
"Takeaways varied greatly, depending on product category, end market, and position in the supply chain," Stein wrote in an investor note.
"End-market commentary reflects continued strength in aerospace / defense, stabilization in "standard" (non-NVDA) Datacenter, modestly fading strength in auto/industrial, and still weak trends in consumer/client compute/handsets," Stein continued, adding that the "most noteworthy comment" is that Nvidia (NVDA) and Broadcom (AVGO) are the only chip companies "requesting meaningful upsides."


For Nvidia (NVDA), Stein now sees the company's full-year 2023 estimates at $44.33B and earnings of $8.05 per share, up from $43.44B and $7.90, respectively.
For Broadcom (AVGO), Stein now sees the company's full-year 2023 estimates at $36.413B and earnings of $43.55 per share, up from $36.24B and $43.29, respectively.
For Belden (BDC), Stein now sees the company's full-year 2023 estimates at $2.748B and earnings of $7.14 per share, up from $2.734B and $7.11, respectively.
For Microchip (MCHP), Stein now sees the company's full-year 2023 estimates at $8.88B and earnings of $6.36 per share, up from $8.661B and $6.16, respectively.
Stein also raised his 2024 estimates on the quartet and raised his per-share price targets as a result.
Nvidia (NVDA) shares rose 1.4% in pre-market trading on Friday, while Broadcom (AVGO), Belden (BDC) and Microchip (MCHP) were little active.
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