Broker Revenue Forecasts For Giga-Byte Technology Co., Ltd. (TWSE:2376) Are Surging Higher

Giga-Byte Technology Co., Ltd. (TWSE:2376) shareholders will have a reason to smile today, with the analysts making substantial upgrades to this year's forecasts. The analysts have sharply increased their revenue numbers, with a view that Giga-Byte Technology will make substantially more sales than they'd previously expected.

After the upgrade, the nine analysts covering Giga-Byte Technology are now predicting revenues of NT$215b in 2024. If met, this would reflect a huge 58% improvement in sales compared to the last 12 months. Per-share earnings are expected to leap 83% to NT$13.67. Prior to this update, the analysts had been forecasting revenues of NT$194b and earnings per share (EPS) of NT$12.87 in 2024. Sentiment certainly seems to have improved in recent times, with a substantial gain in revenue and a small increase to earnings per share estimates.

Check out our latest analysis for Giga-Byte Technology

It will come as no surprise to learn that the analysts have increased their price target for Giga-Byte Technology 6.3% to NT$341 on the back of these upgrades.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. The analysts are definitely expecting Giga-Byte Technology's growth to accelerate, with the forecast 58% annualised growth to the end of 2024 ranking favourably alongside historical growth of 17% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 16% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Giga-Byte Technology to grow faster than the wider industry.

The Bottom Line

The biggest takeaway for us from these new estimates is that analysts upgraded their earnings per share estimates, with improved earnings power expected for this year. Fortunately, analysts also upgraded their revenue estimates, and our data indicates sales are expected to perform better than the wider market. There was also a nice increase in the price target, with analysts apparently feeling that the intrinsic value of the business is improving. Given that analysts appear to be expecting substantial improvement in the sales pipeline, now could be the right time to take another look at Giga-Byte Technology.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Giga-Byte Technology going out to 2026, and you can see them free on our platform here..

Of course, seeing company management invest large sums of money in a stock can be just as useful as knowing whether analysts are upgrading their estimates. So you may also wish to search this free list of stocks that insiders are buying.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.