HSBC forecasts another guidance beat for NVIDIA By Investing.com

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HSBC forecasts another guidance beat for NVIDIA

Published Nov 21, 2023 08:00

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HSBC forecasts another guidance beat for NVIDIA

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HSBC provided a preview of NVIDIA’s (NVDA) upcoming Q3/24 earnings, scheduled to be released tomorrow after the market close. The bank expects Nvidia’s AI server momentum to remain unchanged with the opportunity for another Q4 revenue guidance beat, although of a smaller magnitude than the last quarter.

HSBC’s outlook for Q1/25 is increasingly optimistic, especially with the launch of the B100 GPU in the second half of 2024, which is expected to substantially boost data center revenue potential. Additionally, the analysts anticipate that concerns over the risk of double booking CoWoS capacity in Q1/25 will be minimized due to the substantial capacity consumption of the B100.

HSBC estimates NVIDIA (NASDAQ:NVDA)'s Q3/24 sales at $16.1 billion, aligning with company guidance and consensus estimates. However, a more bullish view is held for Q4/24, with projected sales of $20.6B, 6% higher than previous assumptions and substantially above consensus estimates of $18.0B. This optimism is largely driven by a strong data center revenue forecast, expected to hit $17.0B.

Looking ahead to fiscal year 2025, HSBC increased its sales and EPS forecasts by 16% to $115.4B and $23.76, respectively, significantly outpacing consensus estimates. “The major driver behind our revision lies with our bullish datacentre revenue forecast of USD100.4bn which is 20%/45% above our previous and consensus forecasts of USD83.5bn and USD69.3bn,” commented the analysts, reiterating their Buy rating and $800 price target on the stock.

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