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Top Analyst Reports for NVIDIA, Bristol-Myers Squibb & ICICI Bank

Thursday, June 1, 2023

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corp. (NVDA), Bristol-Myers Squibb Co. (BMY) and ICICI Bank Ltd. (IBN). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Shares of NVIDIA have outperformed the Zacks Semiconductor - General industry over the past year (+97.4% vs. +45.9%). The company is gaining from strong growth of artificial intelligence (AI), high-performance computing and accelerated computing, which is boosting its Compute & Networking revenues.

A surge in Hyperscale demand and a solid uptake of artificial intelligence-based smart cockpit infotainment solutions are acting as tailwinds. Collaboration with Mercedes-Benz and Audi is likely to advance its presence in autonomous vehicles and other automotive electronics space.

However, NVDA’s near-term prospects look challenging due to weakening demand for chips used in gaming and professional visualization end-markets. While macroeconomic headwinds are impacting gaming and professional visualization chip demand, higher channel inventory levels are hurting chip prices.

(You can read the full research report on NVIDIA here >>>)

Bristol-Myers Squibb’s shares have underperformed the Zacks Medical - Biomedical and Genetics industry over the year-to-date period (-9.5% vs. -8.9%). The company missed on sales, which declined year over year due to continued generic competition for Revlimid.

Nevertheless, the label expansion of Opdivo for first-line lung cancer, bladder cancer and gastric cancer continues to boost sales. Solid demand for the blood thinner drug Eliquis in the U.S. maintains momentum. The recent approval of drugs like Opdualag, Breyanzi and Sotyktu adds a new stream of revenues.

Pipeline progress has been impressive and strategic collaborations will further expand the portfolio. However, generic competition for Eliquis outside the U.S. is another headwind, along with Revlimid.

(You can read the full research report on Bristol-Myers Squibb here >>>)

Shares of ICICI Bank have outperformed the Zacks Banks - Foreign industry over the past year (+16.9% vs. -1.7%). The company’s fourth-quarter fiscal 2023 (ended Mar 31) results reflected higher revenues on solid loan demand and rising rates, while an increase in provisions and expenses acted as headwinds.

Increased dependence on domestic loans, a rise in retail loan demand, higher interest rates and a stable funding base are expected to keep aiding the company's financials. Efforts of digitizing banking operations will help generate non-interest income, thereby supporting revenue growth.

Yet, weak asset quality poses a major near-term headwind. Macroeconomic concerns, including rising inflation across the globe, make us apprehensive. Elevated operating expenses, mainly due to technology investments and ongoing branch expansion initiatives, will likely hurt the bottom-line growth.

(You can read the full research report on ICICI Bank here >>>)

Other noteworthy reports we are featuring today include Palo Alto Networks, Inc. (PANW), Fiserv, Inc. (FISV) and Walgreens Boots Alliance, Inc. (WBA).

Mark Vickery
Senior Editor

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

NVIDIA (NVDA) Rides on Strong Adoption of GPUs, Partnerships

Opdivo, New Drugs Drive Fuel Bristol (BMY) Amid Competition

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Technology, Loans Support ICICI Bank (IBN), High Costs Ail

Featured Reports

Fiserv (FISV) Benefits From Finxact Acquisition, Debt High
Per the Zacks Analyst, the Finxact acquisition boosts Fiserv's digital banking strategy and enhance digital banking experiences of its clients. A debt-heavy balance sheet remains a concern.

Strategic Pacts Aid Walgreens (WBA) amid Margin Pressure
The Zacks analyst is optimistic about Walgreens' recent strategic pacts and buyouts that are expected to benefit the company over long-run. Yet, escalating costs are putting pressure on margins.

Amvuttra Fuels Alnylam (ALNY), Reliance on Partners A Woe
Per the Zacks Analyst, Alnylam's (ALNY) revenues are witnessing strong growth due to Amvuttra and Givlaari sales. However, Alnylam's dependence on partners for pipeline development is a concern.

Strong Booking Trends Aid Carnival (CCL), High Costs Hurt
Per the Zacks analyst, solid bookings backed by increased demand and advertising activities as well as bundled package offerings aid Carnival. However, high costs and coronavirus-related woes hurt.

Innovations to Aid Textron (TXT), Supply Shortage May Hurt
Per the Zacks analyst, new product launch will enable Textron to capture more shares in the market. Yet COVID-19 induced global supply chain shortage might hurt deliveries and thereby its revenues.

Lake City Contract, Productivity Actions Aid Olin (OLN)
Per the Zacks analyst, the Lake City contract and cost savings through productivity projects will contribute to Olin's profitability amid demand headwinds in the epoxy business.

Helmerich & Payne (HP) to Benefit from Advanced FlexRigs
The Zacks analyst believes that Helmerich & Payne's technologically-advanced FlexRigs help it to consolidate activity levels but is worried over the company's high capital spending guidance.

New Upgrades

Palo Alto (PANW) Rides on Product Strength, Marketing Effort
Per the Zacks analyst, Palo Alto Networks is gaining from solid contributions of its growth-oriented products including Strata, Prisma and Cortex. Increasing marketing efforts are also positive.

FUJIFILM (FUJIY) To Benefit From Strong Product Portfolio
Per the Zacks analyst, FUJIFILM's performance is gaining from strong momentum across all business segments. Strategic buyouts also bode well.

Assurant (AIZ) Gains on Solid Capital Position, Premium Growth
The Zacks analyst is optimistic about solid Global Lifestyle segment of Assurant, which will drive improvement in earned premiums and fees. Solid capital position supports capital deployment.

New Downgrades

United Natural (UNFI) Hurt by High Costs, Supply-Chain Woes
Per the Zacks analyst, United Natural is battling cost inflation and supply-chain woes. Management cut fiscal 2023 earnings view as it expects similar profitability trends through the rest of the year

MACOM (MTSI) Suffers From Sluggish Telecommunication Market
Per the Zacks analyst, MACOM is facing softness in telecommunication market due to sluggish 5G deployments in China, which remains a concern.

Weak Asset Quality, High Debt & Expenses Hurt Zions (ZION)
Per the Zacks analyst, weakening asset quality on deteriorating operating backdrop, high level of debt, mounting costs and substantial exposure to commercial loans will keep hurting Zions' financials.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Fiserv, Inc. (FISV) : Free Stock Analysis Report

ICICI Bank Limited (IBN) : Free Stock Analysis Report

Palo Alto Networks, Inc. (PANW) : Free Stock Analysis Report

Walgreens Boots Alliance, Inc. (WBA) : Free Stock Analysis Report

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Zacks Investment Research