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Trading Nvidia's results through TSMC - Morgan Stanley

Investing.com - Taking a position in TSMC shares could be a way of trading Nvidia’s earnings, ahead of Wednesday’s release, according to Morgan Stanley.

The U.S. investment bank said, in a note dated Feb. 18, that Taiwan Semiconductor Manufacturing (NYSE:TSM) is the sole supplier for Nvidia's (NASDAQ:NVDA) artificial intelligence graphics cards, and thus Nvidia’s guidance for the April quarter could be a key catalyst.  

Morgan Stanley assigns a 20% probability that Nvidia’s quarterly guidance comes in above buy-side expectations of $24 billion, and expects TSMC’s shares to rise around 5% as a result.

It says there is a 60% chance that the guidance is in line with the $22-$24 billion expectations, which could be TSMC gains of up to 3%, while there’s a 20% chance that the guidance is below $22 billion, which would cause TSMC’s stock to fall 2%.

The bank has an ‘overweight’ rating on TSMC’s stock, with a 12-month price target of NT$758, offering around 11% upside from its current price.

Its stock closed 0.7% lower Monday at NT$678.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.