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[转贴] 德意志银行分析师Ross Seymore下调了一些半导体股的目标价

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发表于 2022-4-20 09:26 AM | 显示全部楼层 |阅读模式


本帖最后由 老灯 于 2022-4-20 09:30 AM 编辑



他预计,在半导体需求超过供应的情况下,营收和获利将持续强劲。然而,尽管基本面有这些积极因素,Seymore认为,因为供应放缓,需求可能走软,近期投资者对周期性放缓/修正的担忧可能会持续。

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 楼主| 发表于 2022-4-20 07:11 PM | 显示全部楼层
CFRA REITERATES BUY OPINION ON SHARES OF TESLA, INC.
9:13 pm ET April 20, 2022 (CFRA)
We raise our 12-month target by $50 to $1,350, based on a '24 P/E of 88.5x. We raise our adjusted EPS estimates by $1.30 to $11.75 for '22, by $1.55 to $14.00 for '23, and by $0.80 to $15.25 for '24. TSLA posts Q1 adjusted EPS of $3.22 vs. $0.93 (+246%), well above the $2.27 consensus. The beat was driven by a stronger-than-expected top line and gross margins, as revenue rose 80.5% to $18.76B ($920M above consensus) and gross margin expanded 780 bps to 29.1%. Record auto regulatory credit revenue ($679M in Q1) and stronger-than-expected pricing drove the beat, with the former being a very high-margin revenue stream. While the recent shutdown of the Shanghai plant will hurt Q2 results, we view the impact as priced into the stock at current levels and expect the Texas and Germany factories to help offset. We continue to consider TSLA as one of the market's most compelling secular growth stories, and it has become masterful at underpromising and overdelivering, having now beat in 10 of the past 11 quarters.

基于 88.5 倍的 24 年市盈率,我们将 12 个月目标上调 50 美元至 1,350 美元。我们将 22 年的调整后每股收益预测上调 1.30 美元至 11.75 美元,将 23 年的调整后每股收益预测上调 1.55 美元至 14.00 美元,将 24 年的调整后每股收益预测上调 0.80 美元至 15.25 美元。 TSLA 公布第一季度调整后每股收益为 3.22 美元对 0.93 美元(+246%),远高于 2.27 美元的共识。这一节拍是由强于预期的顶线和毛利率推动的,收入增长 80.5% 至 18.76B 美元(高于预期 9.2 亿美元),毛利率扩大 780 个基点至 29.1%。创纪录的汽车监管信贷收入(第一季度为 6.79 亿美元)和强于预期的定价推动了这一增长,前者是一个非常高利润率的收入来源。虽然最近上海工厂的关闭将损害第二季度的业绩,但我们认为这种影响已计入当前水平的库存,并预计德州和德国的工厂将有助于抵消这一影响。我们继续将 TSLA 视为市场上最引人注目的长期增长故事之一,并且它在承诺不足和超额交付方面表现出色,在过去 11 个季度中有 10 个季度表现出色。
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