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BofA Picks Nvidia As Top Pick; Expresses Bullishness On Marvell, AMD, ON Semiconductor

  • BofA analyst Vivek Arya believes chipmaker Nvidia Corp (NASDAQ: NVDA) could benefit from growth in several areas.

  • Arya chose Nvidia as his top large-cap sector pick.

  • Nvidia and fellow semiconductor businesses Marvell Technology, Inc (NASDAQ: MRVL) and Advanced Micro Devices, Inc (NASDAQ: AMD), can all immensely benefit from the continued growth in cloud computing, among other factors, Arya said.

  • Arya also chose ON Semiconductor Corp (NASDAQ: ON) as his top small- to mid-cap pick, saying the company would benefit from its automotive technology.

  • Previously semiconductor companies had fewer drivers than now, such as computers and smartphones.

  • However, presently, there are multiple end markets served by a consolidated set of chip vendors, delivering proprietary products and generating solid free cash flow margins.

  • Arya's top picks serve end markets where he expects spending/content growth drivers to be most resilient, such as cloud computing/AI, high-end industrial, EV/advanced driver assist systems and rising chip complexity.

  • Semis look compelling on a relative basis vs. industrial/Infotech stocks in the S&P 500 index with catalysts like easing of China lockdowns could help re-energize investor interest back in the sector.

  • Price Action: NVDA shares traded lower by 1.63% at $183.68 on the last check Wednesday.

  • Photo via Wikimedia Commons

Latest Ratings for NVDA

Date

Firm

Action

From

To

Mar 2022

Goldman Sachs

Reinstates

Neutral

Feb 2022

Summit Insights Group

Downgrades

Buy

Hold

Feb 2022

Mizuho

Maintains

Buy

View More Analyst Ratings for NVDA

View the Latest Analyst Ratings

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