Shares of the semiconductor company have nearly tripled in value over the past year, and the Stock hit an all-time high of $179.79 in midday trading Friday.
"As for major takeaways, our sense is management believes that investors still severely underestimates the impact of AI and the size of the potential market," he continued.
Without explicitly making a forecast to this effect, Muse writes in three places that the company has a "clear path" to earning $10 per share.
When this writer asked Ramsey why the price target is greater than the product of 25 and $5.50, he explained at the time that "We've treated our more conservative base case as more of a bearish outcome given the fundamentals I see currently" and acknowledged that "we should clean up the vocabulary."
However, when Ramsay once again raised his price target in August, this time to $190 in a report entitled "The pullback folks have been waiting for," he explained it thus: "Our $190 price target is based on shares trading at the average of roughly 25x our base case F2021 (C2020) non-GAAP EPS of $6.15 and roughly 27.5x our bull case estimate of $8.25."
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