Analysts Boost AI Giants: Nvidia to ASML
HSBC Turns Bullish on NVIDIA, Expects FY27 AI Revenue to Soar
HSBC upgraded NVIDIA (NVDA) to Buy from Hold and raised its price target to $320 from $200, citing “significant upside potential” in fiscal 2027 as demand for AI chips broadens beyond hyperscale cloud customers.
The bank now forecasts FY27 datacenter revenue of $351 billion, or 36% above market consensus, reflecting a much larger total addressable market for GPUs. HSBC also suggested a potential U.S.–China trade agreement could reignite demand from Chinese buyers.
Earnings estimates were lifted sharply, with FY27 EPS raised to $8.75, compared with a $6.48 consensus. Analysts noted these forecasts exclude any China export revenue.
The report highlighted renewed momentum in CoWoS wafer allocations, now projected at 700,000 units for FY27 — up from 480,000 — implying 140% year-on-year growth.
In its bull-case scenario, HSBC sees datacenter revenue reaching $390 billion and EPS hitting $9.68, supported by “massive GPU orders” linked to Stargate and OpenAI projects totaling up to $400 billion in AI GPU opportunities.
“AI GPU TAM continues to expand beyond hyperscalers, ensuring multi-year earnings growth,” the analysts concluded.
Samsung to Lead AI Memory Boom, Says KB Securities
Samsung Electronics is entering a phase of structural earnings growth as AI-driven demand for HBM and DRAM outpaces supply through 2027, according to KB Securities, which raised its price target 18% to 130,000 won and named Samsung its top pick among Korean chipmakers.
The firm expects AI datacenter investments to rise fivefold by 2030, while major new production capacity won’t arrive until 2028 when the Pyeongtaek P5 and Yongin cluster go online.
Analyst Jeff Kim said Samsung is “directly benefiting from NVIDIA and OpenAI’s growing need for high-bandwidth memory,” noting that HBM4 shipments will ramp fully by 2026 thanks to improved DRAM yields.
KB raised its 2026 operating profit forecast by 20% to 64 trillion won, the highest in eight years. The company’s Q3 operating profit of 12.1 trillion won beat expectations by 19%, marking its strongest result since 2022.
The brokerage sees Q4 profit rising to 12.5 trillion won and expects HBM revenue to triple by 2026, driving the transition from cyclical recovery to long-term structural expansion.
AMD Upgraded by Wolfe on Strong AI Earnings Outlook
Advanced Micro Devices (AMD) was upgraded to Outperform from Peer Perform by Wolfe Research, which set a $300 price target and forecast the company is on a “conservative path to $10+ EPS power” by 2027.
The call is anchored on AMD’s multi-year OpenAI partnership and growing visibility in traditional server demand. Wolfe expects $15 billion in annual revenue from OpenAI alone, with total AI-related sales reaching $27 billion by 2027.
The firm lifted its server CPU revenue forecasts to $9.55 billion for 2025 and $11.4 billion for 2026, reflecting stronger AI-driven demand. Wolfe also projects a $4.5 billion boost from MI450 GPU shipments in late 2026, with an acceleration into 2027.
Wolfe added that AMD could see further upside from Helios and MI450 rack-scale systems and the rollout of UALink, while cautioning that execution risks remain.
UBS: ASML on Track for €1,000 as AI Cycle Accelerates
ASML Holding NV shares surged after strong Q3 results, and UBS now believes the stock is on a trajectory toward €1,000, reiterating its Buy rating and raising 2026–27 earnings forecasts by 6–10%.
UBS projects ASML’s earnings to grow at a 16% CAGR through 2030, noting the stock’s valuation at 26x 2027 earnings remains below its 29x historical average.
Analysts led by Francois-Xavier Bouvignies highlighted High-NA EUV lithography tools as a major re-rating catalyst, with further updates expected at the SPIE conference in February.
The firm sees AI demand for advanced logic and memory as key growth drivers, while China-related risks appear to be easing. UBS expects TSMC tool sales to rise mid-single digits in 2026, versus a previously forecast decline, and memory-related revenue to climb 25% on stronger DRAM investment.
Goldman Sachs: Salesforce’s AI Push to Unlock Next Growth Phase
Goldman Sachs reaffirmed its Buy rating and $385 price target on Salesforce (CRM) following its latest A-Day update, saying the company is positioned for a new wave of AI-driven growth.
Salesforce now targets over $60 billion in fiscal 2030 revenue with 40% operating margins, implying roughly 10% annual growth. Shares rose around 4% after the announcement.
Analyst Kash Rangan said Salesforce’s “AI, data depth, and enterprise logic” will fuel sustained double-digit growth, with Agentic AI ARR reaching $440 million in fiscal Q2 2026, up 400% year-on-year.
Goldman expects free cash flow to rise toward $26–28 per share by FY2030, with a “blue-sky” valuation scenario of $700–800 if revenue moves closer to CEO Marc Benioff’s $100 billion vision.
“AI execution and data leverage make Salesforce stronger than ever in this cycle,” the report stated.
