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- KeyBanc listed Nvidia as a top pick for 2023.
- Semiconductors are expected to lose 4% of non-memory revenue compared to 2022.
- Much of semiconductor weakness appears in first half of 2023.
- AMD and Qualcomm are also expected to beneft from late 2023 improvement.
Nvidia (NVDA) was named one of KeyBanc Capital Markets’ top ideas in the semicondctor industry for 2023 on Thursday. Although the investment bank has a generally negative outlook on the overall semiconductor industry for the year, a note to clients provided several reasons why specific stocks could benefit and looked relatively attractive.
Nvidia stock news: KeyBanc likes leading products
When the memory segment is cut out of the 2023 outlook, KeyBanc expects that semiconductor revenue will drop about 4% from 2022 levels. That is not a major positive for the industry of course, but KeyBanc analyst John Vinh thinks the pullback will mostly affect the first half of the year before a general amelioration in the latter half.
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