News Formal

Bank of America sees more than 30% upside ahead for this derivative play post-Nvidia earnings

  • 📰 CNBC
  • ⏱ Reading Time:
  • 14 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 72%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

Another blowout quarter from artificial intelligence giant Nvidia should bode well for shares of this derivative play, according to Bank of America.

Analyst Brad Lin lifted his price target on U.S-listed shares of Taiwan Semiconductor Manufacturing to $125, representing 35% upside from Thursday's close. He cited "sustainable and strong" demand for AI products, which should meaningfully benefit the leading AI chipmaker and maker of edge nodes and advanced packaging.

" So far this year, shares of Taiwan Semiconductor have jumped about 23%, while Nvidia shares have more than doubled. Lin views Taiwan Semiconductor's valuation as attractive at nearly 14 times price-to-earnings, and near the lower end of its historical range.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of America Corp. stock rises Wednesday, still underperforms marketShares of Bank of America Corp. inched 0.04% higher to $28.45 Wednesday, on what proved to be an all-around great trading session for the stock market, with...
Source: MarketWatch - 🏆 3. / 97 Read more »

Bank of America downgrades Peloton, slashes price target in half after earnings sell-offThe firm moved to the sidelines on the stock and halved its price target.
Source: CNBC - 🏆 12. / 72 Read more »