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Home»Stock Market»Meta Stock, Nvidia Chipmaker, Two Other Stocks Have Rising Profit Estimates| Investor’s Business Daily
Stock Market

Meta Stock, Nvidia Chipmaker, Two Other Stocks Have Rising Profit Estimates| Investor’s Business Daily

September 16, 2024No Comments3 Mins Read
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Stock screeners can help identify great stocks and the right time to buy them. According to IBD’s Rising Profit Estimates screen, analysts see earnings rising for five noteworthy companies that are near buy points: Taiwan Semiconductor, Nvidia, Meta stock, Costco, and Robinhood.




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How To Buy Stocks: Cup With Handle Chart Pattern



Taiwan Semiconductor (TSM) is in a cup-with-handle base with a buy point of 175.45, according to IBD MarketSurge’s daily and weekly charts. Taiwan Semi is the largest contract chip manufacturer and supplies advanced chips to artificial intelligence leaders like Nvidia (NVDA) and Meta Platforms (META).

Sales and earnings growth accelerated in the second quarter. Sales grew 34% to $20.7 billion with earnings of $1.47 per share — a 31% increase from the previous year.

FactSet’s consensus estimates show sales and earnings growth accelerating in the current quarter by 36% and 40%. Analysts also expect profits to rise in 2024 and 2025, with full-year earnings per share of $6.48 in 2024 and $8.25 in 2025.

Meta Stock Action

Meta stock is rebounding from a pullback to the 50-day moving average, while a buy point at 542.81 is still valid. Strong IBD Ratings and rising profit estimates are tailwinds for the social media giant as well. Analysts expect EPS to climb 37% to $21.30 in 2024 and to $24.29 in 2025.

For its June quarter, the Magnificent Seven leader announced sales of $39.1 billion and earnings per share of $5.16. Meta stock gapped up above the 50-day line in the base on Aug. 1 after results were announced.

Retailer Costco (COST) is in buy range above a buy point of 896.67 from a cup base. It was an early-stage base, which can net higher gains than later-stage bases.

Analysts expect slower sales and earnings in the current quarter but also see profit rising 10% for the full year, with earnings per share of $16.22. In 2025, EPS estimates of $17.79 suggest a 10% increase.

A stock brokerage platform provider is also among the companies with rising profit estimates. Robinhood (HOOD) is just above a cup with handle’s entry at 21.54.

Robinhood earnings grew 600% in the second quarter as sales rose 40%. Rising profit estimates make this stock one to watch.

Investors can see if a company’s profit estimates are rising by using IBD Stock Checkup. Under the fundamentals section, the Estimate Revisions line shows if the consensus estimate is rising or falling.

It might be time to put Taiwan Semiconductor, Nvidia stock, Meta stock, and Robinhood on your watchlist.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

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Business Chipmaker Daily Estimates investors Meta Nvidia profit Rising Stock stocks
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