This article first appeared on GuruFocus.
Nvidia (NASDAQ:NVDA) continued to be held by the largest share of U.S. active fund managers in October, with about 76% ownership and quarterly gains in breadth, according to a note from Bank of America.
BofA analysts led by Vivek Arya said Nvidia’s relative portfolio weight was about 1.11x, only modestly above peers, even as ownership climbed 219 basis points from the prior quarter and 539 bps year-on-year.
Advanced Micro Devices (NASDAQ:AMD) remains underowned despite recent buying: active ownership rose to roughly 24% in October from 20% in July but is well below the 38% seen a year earlier, with a relative weighting near 0.19x. BofA kept a Buy rating and a $300 price target on AMD ahead of its analyst day.
The bank flagged the biggest quarter-on-quarter ownership gains in Synopsys (NASDAQ:SNPS) and AMD, while Qualcomm (NASDAQ:QCOM), ON Semiconductor (ON) and Microchip (MCHP) saw the largest declines. It also noted depth shifts, with AMD, Teradyne (TER) and Intel (NASDAQ:INTC) rising most in overweighting.
Based on the one year price targets offered by 54 analysts, the average target price for NVIDIA Corp is $230.21 with a high estimate of $389.73 and a low estimate of $100.00. The average target implies a upside of +19.18% from the current price of $193.16.
Based on GuruFocus estimates, the estimated GF Value for NVIDIA Corp in one year is $336.28, suggesting a upside of +74.09% from the current price of $193.16. gf value is gurufocus’ estimate of the fair value that the stock should be traded at. it is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business’ performance. for deeper insights, visit the forecast page.