[1/16] 기술주를 보는 월가의 시각, 반도체주 및 TAANG

Updated on 2023-01-17 by
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바클레이스, AMD 주가 목표를 68달러에서 70달러로 상향

바클레이스 분석가인 Blayne Curtis는 AMD 주가목표를 68달러에서 70달러로 상향 조정하고 AMD 주식 투자의견 Equalweight 등급을 유지했습니다.

분석가들은 PC 수요가 “충분히 바닥치기를” 바랐지만 12월은 더 약세로 돌아섰다고 말합니다.

그는 이제 재고가 더 줄어들면서 1분기 추정치가 재설정되는 것을 보고 있습니다.

커티스는 연구 노트에서 투자자들에게 중국의 약세는 또 다른 역풍이라고 지적했습니다.

KeyBanc, AMD 주가목표를 85달러에서 80달러로 하향

키뱅크 분석가인 John Vinh는 AMD 주가목표를 85달러에서 80달러로 낮췄고, AMD 주식 투자의견 Overweight 등급을 유지했습니다.

그의 분기별 공급망 조사 결과는 대부분 부정적입니다.

중국이 재개장하고 소비에 부정적인 영향을 미치면서 아시아의 조정이 악화되고 있음을 나타내며 자동차 및 산업재를 포함한 대부분의 최종 시장에서 최종 수요가 약화되고 있다고 이 분석가는 애널리스트는 지적합니다.

그는 계속해서 “연착륙” 시나리오를 보고 있으며 선택적인 가격 인상이 계속됨에 따라 가시성이 향상되고, 더 많은 장기적인 요인과 더 나은 가격 레버리지를 고려할 때 반도체 회사들이 이러한 침체를 헤쳐나갈 수 있는 훨씬 더 나은 위치에 있다고 믿고 있습니다.

KeyBanc, 엔비디아 주주가목표를 230달러에서 220달러로 하향

키뱅크 분석가 John Vinh는 엔비디아 주가목표를 230달러에서 220달러로 낮췄고 엔비디아 주식 투자의견 Overweight 등급을 유지했습니다.

그의 분기별 공급망 조사 결과는 대부분 부정적입니다.

중국이 재개장하고 소비에 부정적인 영향을 미치면서 아시아의 조정이 악화되고 있음을 나타내며 자동차 및 산업재를 포함한 대부분의 최종 시장에서 최종 수요가 약화되고 있다고 이 분석가는 애널리스트는 지적합니다.

그는 계속해서 “연착륙” 시나리오를 보고 있으며 선택적인 가격 인상이 계속됨에 따라 가시성이 향상되고, 더 많은 장기적인 요인과 더 나은 가격 레버리지를 고려할 때 반도체 회사들이 이러한 침체를 헤쳐나갈 수 있는 훨씬 더 나은 위치에 있다고 믿고 있습니다.

배런스, 마이크론 주가는 2022년 끔찍한 경험을 했고, 매수할 시간이 될 수 있다고 주장

마이크론과 워너브러더스 주식은 2022년 43% 하락하여 그룹 최악의 실적을 기록했다고 잭 허프가 배런즈 금주 판에서 밝혔습니다.

이제, 그 회사는 앞으로 몇 년 동안 게임 수요에 큰 돈을 걸고 있습니다. 저자는 반도체 산업이 극심한 공급 부족에서 공급 과잉과 수요 부진으로 전환되면서 마이크론 주가도 2022년 46% 감소했다고 쓰고 있습니다.

그러나 메모리 재고 소화도 비교적 빠를 수 있습니다.

스트리밍 측면에서, 가입자 증가는 흐지부지되고 있고, 투자자들은 긴장하고 워너 브라더스같은 기업들은 콘텐츠에 아낌없이 투자하고 있습니다.

Hough는 Discovery 주식이 2022년에 60% 하락했다고 지적합니다. 하지만, 설문 조사에 따르면 가입자들은 그들이 제공되는 더 저렴한 광고 요금제로 전환하고 있습니다. 워너에게 좋은 기회가 될 거예요.

오펜하이머, 넷플릭스 주가목표를 365달러에서 400달러로 상향

오펜하이머 분석가 제이슨 헬프스타인은 넷플릭스 주가목표를 365달러에서 400달러로 상향 조정했으며 4분기 실적 발표를 앞두고 넷플릭스 주가에 대해 더 높은 평가를 유지하고 있습니다.

Helfstein은 연구 노트에서 투자자들에게 가입자 동향 외에도, 주식은 광고 진행과 비밀번호 공유를 줄이기 위한 새로운 이니셔티브를 둘러싼 의견에 반응할 가능성이 높다고 말했습니다.

그는 넷플릭스가 암호 공유 단속, 광고 증가 및 경쟁사의 예상 지출 감소를 결합하여 커버리지 하에서 최고의 위험/보상 프로파일 중 하나라고 믿고 있습니다.

Jefferies, 넷플릭스 투자의견을 보유(Hold)에서 매수(buy) 등급으로 업그레이드

Jefferies 분석가 Andrew Uerkwitz는 넷플릭스 주가목표를 310달러에서 385달러로 상향 조정하고 넷플릭스 주식 투자의견을 보유(Hold)에서 매수(buy) 등급으로 업그레이드했습니다.

그 분석가는 잠재적인 경기 침체가 다가오는 가운데, 그는 “하향할 위험이 적은” 안전과 미디어 주식을 찾고 있다고 말합니다

넷플릭스가 광고 기반의 온 디맨드 비디오 도입은 느렸지만, 도입되면 매출 실적을 능가할 것이라고 Uerkwitz는 리서치 노트에서 투자자들에게 말합니다.

분석가는 “bigger kicker(광고요금제)”는 2024년의 평평한 콘텐츠 상각과 더 나은 수익 성장에 대한 놀라운 영업이익률이 상승할 것이라고 주장합니다.

Jefferies, Roku 투자의견을 Hold에서 Underperform으로 다운그레이드

Jefferies 분석가 Andrew Uerkwitz는 Roku 주가목표를 45달러에서 30달러로 하향조정했습니다.

Uerkwitz는 리서치 노트에서 투자자들에게 디지털 광고 시장의 성장률 저하는 Roku에 대한 단기적인 컨센서스에 반영되지 않는 반면 Roku 사업의 장기적인 궤적은 “불확실”하다고 말했습니다.

분석가들은 넷플릭스와 디즈니+가 2023년과 2024년에 커넥티드 TV 광고 메출의 대부분을 차지할 것으로 예상합니다.

Uerkwitz는 두 신규 진입 업체를 제외하면 업계가 낮은 한 자릿수 성장을 하고 있다고 말합니다.

AMD price target raised to $70 from $68 at Barclays

Barclays analyst Blayne Curtis raised the firm’s price target on AMD to $70 from $68 and keeps an Equal Weight rating on the shares.

The analyst hoped PCs were “washed out enough” but says December came in weaker.

He now sees one more estimate reset into Q1 as inventories are worked down further.

A weaker China is another headwind to monitor, Curtis tells investors in a research note.

AMD price target lowered to $80 from $85 at KeyBanc

KeyBanc analyst John Vinh lowered the firm’s price target on AMD to $80 from $85 and keeps an Overweight rating on the shares.

His quarterly supply chain findings are mostly negative.
Feedback indicates the correction in Asia is worsening as China reopens and is negatively impacting consumption, while end demand softens across most end markets including auto and industrials, the analyst notes.

He continues to see a “soft landing” scenario and believes semiconductor companies are in a much better position to navigate this downturn given better visibility, more secular drivers, and better pricing leverage as selective price increases continue.

Nvidia price target lowered to $220 from $230 at KeyBanc

KeyBanc analyst John Vinh lowered the firm’s price target on Nvidia to $220 from $230 and keeps an Overweight rating on the shares.

His quarterly supply chain findings are mostly negative. Feedback indicates the correction in Asia is worsening as China reopens and is negatively impacting consumption, while end demand softens across most end markets including auto and industrials, the analyst notes.

He continues to see a “soft landing” scenario and believes semiconductor companies are in a much better position to navigate this downturn given better visibility, more secular drivers, and better pricing leverage as selective price increases continue.

Take-Two, Micron had a terrible 2022, could be time to buy, Barron’s says

12/31 TTWO, MU, WBD Take-Two (TTWO) stock was down 43% in 2022, making it the group’s worst performer, Jack Hough writes in this week’s edition of Barron’s.

Now, the company is betting big on game demand in the coming years. Micron was also down 46% in 2022, as the semiconductor industry has swung from fierce demand and short supply to bloated supply and iffy demand, the author writes.

But inventory digestion for memory could be relatively quick, too.

On the streaming side, subscriber growth has fizzled, and companies have been spending lavishly on content, with investors turning nervous and Warner Bros.

Discovery’s stock dropping 60% in 2022, Hough notes. However, surveys show that subscribers are shifting to cheaper ad-supported plans where they’re offered. That could set up nicely for Warner.

Netflix price target raised to $400 from $365 at Oppenheimer

Oppenheimer analyst Jason Helfstein raised the firm’s price target on Netflix to $400 from $365 and keeps an Outperform rating on the shares ahead of the Q4 results, citing higher comp valuations.

In addition to subscriber trends, the stock will likely react to comments surrounding progress of ad tier and new initiatives to reduce password sharing, Helfstein tells investors in a research note.

He believes Netflix represents one of the best risk/reward profiles under coverage, with the combination of password sharing crackdown, advertising ramp and expected pullback in spending by competitors.

Netflix upgraded to Buy from Hold at Jefferies

Jefferies analyst Andrew Uerkwitz upgraded Netflix to Buy from Hold with a price target of $385, up from $310.

The analyst says that with a potential recession looming, he’s looking for safety and media names that have “downside de-risked.”

Advertising-based video on demand will be slow to kick in for Netflix, but when it does it should drive sales outperformance, Uerkwitz tells investors in a research note.

The “bigger kicker” will be 2024 operating margin upside surprises on flattish content amortization and better revenue growth, says the analyst.

Roku downgraded to Underperform from Hold at Jefferies

Jefferies analyst Andrew Uerkwitz downgraded Roku to Underperform from Hold with a price target of $30, down from $45.

A “significantly slower” digital advertising market is not reflected in near-term consensus expectations for Roku while the long-term trajectory of the business “remains unclear,” Uerkwitz tells investors in a research note.

The analyst expects Netflix and Disney+ to capture the majority of incremental connected TV ad spend in 2023 and 2024.

Excluding the two new entrants, the industry is growing low single digits, says Uerkwitz.

Alphabet job cuts ‘small,’ but ‘important signal,’ says BofA

BofA analyst Justin Post notes that various press reports have suggested that Alphabet’s life sciences unit Verily will lay off 15% of its workforce and that Intrinsic, an industrial robotics venture, is laying off 40 employees.

Layoffs of the 240 impacted employees in the Other Bets units would represent just 0.13% of Google’s 186,779 headcount as of Q3 so the headcount reduction is “insignificant for costs,” but cutting 15% of Verily’s employee base “suggests real actions are being contemplated at loss producing businesses,” Post tells investors.

The analyst, who expects more headcount reductions in 2023, has a Buy rating and $114 price target on Alphabet shares.

YouTube testing new hub of free, ad-supported streaming channels, WSJ reports

YouTube platform is in talks with entertainment companies about featuring their shows and movies in a new hub of free, ad-supported streaming channels and is testing the concept with a small number of media partners, people familiar with the matter tell The Wall Street Journal’s Sarah Krouse, Jessica Toonkel and Tom Dotan.

YouTube could launch the offering more broadly later this year and adding such a hub would put it in competition with the likes of Roku, Paramount’s Pluto TV and Fox Corp.’s Tubi, the report noted

Google Cloud replaces top U.S. sales executive, The Information says

Google Cloud is making “sweeping changes to its leadership,” including the departure of Kirsten Kliphouse, the top U.S. sales executive, who is being replaced by Adaire Fox-Martin, previously the president of Google Cloud International and the head of Google’s Ireland office, according to The Information’s Jon Victor and Kevin McLaughlin, citing an announcement to employees. Fox-Martin will now be the organization’s top global salesperson, the report added.

Apple aims to replace Qualcomm modem as soon as 2024, Bloomberg says

Apple is working on its own component to combine a modem, wi-fi and bluetooth and aims to start replacing Qualcomm modems with its own version by as soon as 2024, according to Bloomberg.

Amazon 2023 consensus estimates nearly 10% too high, says Mizuho

Mizuho analyst James Lee believes Amazon.com’s fiscal 2023 consensus operating income and revenue growth estimates are nearly 10% too aggressive.

Lee expects the stock may be volatile near-term due to downside revision risks.

Nonetheless, the analyst remains positive on Amazon longer term and keeps a Buy rating on the shares with a $135 price target.

Apple price target lowered to $165 from $189 at Rosenblatt

Rosenblatt analyst Barton Crockett lowered the firm’s price target on Apple to $165 from $189 and keeps a Buy rating on the shares ahead of Apple’s fiscal Q1 earnings report due on February 2.

His survey work and other data points prompt him to cut estimates for iPhone production and macro services headwinds.

However, he sees investors “viewing this as a throwaway quarter, with the focus on later periods,” added Crockett, who thinks fast shipment times “now say supply constraints are over” and that China’s reopening suggests less risk of disruptions there recurring.

Apple to split its Services division into 3 separate units, 9to5Mac reports

Following the departure of Apple Services Vice President, VP, Peter Stern, Apple is splitting its Services division into three separate units, with a new VP running each group, Benjamin Mayo of 9to5Mac reports.

The current VP of Apple Music Oliver Schusser has taken responsibility of the one of these units, Business Insider says, according to 9to5Mac. Robert Kondrk, current VP of service products and design, is planned to be named to lead of one of the other new Service units. There is not yet an executive set to take charge of the third Services unit

Apple price target lowered to $133 from $144 at Barclays

Barclays analyst Tim Long lowered the firm’s price target on Apple to $133 from $144 and keeps an Equal Weight rating on the shares.

The analyst reduced estimates for Apple’s December and March quarters as well as its fiscal 2023 to account for production issues and weakening demand across hardware categories.

He estimates December quarter app store sales declined by 2%, which also puts consensus estimates for Services “at risk.”

Tesla ‘dramatically’ cut U.S. prices overnight, says Evercore ISI

Evercore ISI analyst Chris McNally said Tesla’s “wild start” to 2023 continues as they “dramatically” cut price overnight by a weighted average of about $10,000, or 16%, on Model 3s and Ys to make the majority of their U.S. offering eligible for $7,500 IRA consumer credits.

Combining this U.S. cut and IRA credit of the next two months, the starting price of the Model Y to the U.S. consumer has fallen about $20,500 in the last 24 hours, McNally estimates.

Noting that similar cuts occurred in Germany, France and Austria, McNally said “there will be a significant impact” to gross margins, but the math depends on how long these new price levels last.

Assuming a partial year impact gets him to “something like $3-3.50” in EPS for FY23, said McNally, who adds that such an estimate would be 30%-40% below FY23 consensus.

McNally has an In Line rating and $140 price target on Tesla shares.

새롭게 뉴스레터를 시작했습니다.

1️⃣ 주식 등 투자 정보 : 기업 분석, IB 투자의견 등 투자 관련 내용
..... 테슬라 실적 및 IB들의의 테슬라 투자의견
2️⃣ 사례 및 트렌드 : 사례연구와 트렌드 관련 괜찮은 내용
.....유튜브와 경쟁대신 구독 전환한 비디오 플래폼 비메오 사례

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