These four chip stocks could double from here, according to Guggenheim

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Nvidia, Marvell, and AMD shares each lost more than half their value during 2022, but Guggenheim analysts see them as well positioned for the new year

Once-hot chip stocks Nvidia Corp., Marvell Technology Inc., and Advanced Micro Devices Inc. each lost more than half their value over the course of 2022, but Guggenheim analysts see them as well positioned for the new year.

Those three chip stocks cracked Guggenheim’s list of top picks for 2023, along with Micron Technology Inc. MU The chip names could all offer upside of at least 100%, based on Guggenheim’s latest price targets. Marvell and Nvidia are tied for Guggenheim semiconductor analyst Hans Mosesmann’s No. 1 pick.

The Guggenheim analysts liked Nvidia NVDA as it’s “in a class by itself on [software] compiler, vertical market optimizations, and accelerator libraries that easily offset many of the [hardware] specs of new AI chip companies.” Mosesmann has a $320 price target on the shares, which finished Friday’s session near $146.

“For years, we took incoming flak on the crazy notion that AMD , could capture 10% market share,” the analysts wrote. “The narrative has changed to AMD’s favor; however there is skepticism on the 30% share level in x86 CPUs vs. Intel. We think 50% is coming and there is no reason why it cannot go much more than that.”

 

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