The bulk of tech earnings have passed with Nvidia NVDA highlighting the sector's quarterly results.
With that being said, there are a few attractive tech stocks set to report earnings on Thursday, August 31. Here are two of these top-rated tech stocks that investors may want to consider.
Broadcom AVGO: Nvidia’s stock is certainly compelling after its strong Q2 results last Wednesday and Broadcom is another semiconductor giant to watch.
Broadcom currently sports a Zacks Rank #2 (Buy) ahead of its fiscal third-quarter report on Thursday. As a global supplier of a broad range of semiconductor devices, Broadcom is in the AI conversation with its Jericho3-AI chip which has the ability to wire supercomputers together.
Likely to receive a boost from AI capabilities, Broadcom’s Q3 earnings are expected to rise 7% YoY to $10.42 per share. On the top line, Q3 sales are forecasted to be up 4% to $8.86 billion. With steady annual top and bottom-line growth in the cards as well, Broadcom stock has soared +59% this year to easily top the S&P 500’s +16% and the Nasdaq’s +33%.
Image Source: Zacks Investment Research
Momo MOMO: Also sporting a Zacks Rank #2 (Buy), Chinese internet and software company Momo is attractive ahead of its Q2 results on Thursday.
Formerly known as Momo, Hello Group provides a mobile social and entertainment platform primarily used in China. Trading around $9 a share much of the risk to reward still appears to be priced into Momo stock which is up a respectable +7% YTD and has now skyrocketed +98% over the last year.
To that point, Momo’s earnings are expected to be up 15% from the prior year quarter at $0.38 a share compared to $0.33 per share in Q2 2022. This is despite Q2 sales projected to be down -9% to $423.77 million. Plus, annual EPS estimates have trended higher which supports the case that Momo stock is cheap at just 5.5X forward earnings.
Image Source: Zacks Investment Research
Other Stocks to Watch
Investors will also want to pay attention to Dell Technologies' DELL Q2 report on Thursday with its stock landing a Zacks Rank #3 (Hold). Dell is partnered with Nvidia on their joint artificial intelligence venture Project Helix.
With Nvidia crushing its Q2 top and bottom line expectations last week, there is much optimism that Dell could do the same as the technology solutions provider looks to expand services for generative AI.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
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