News Flash: Analysts Just Made A Substantial Upgrade To Their Giga-Byte Technology Co., Ltd. (TWSE:2376) Forecasts

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 statutory forecasts. The revenue forecast for this year has experienced a facelift, with the analysts now much more optimistic on its sales pipeline.

After this upgrade, Giga-Byte Technology's ten analysts are now forecasting revenues of NT$204b in 2024. This would be a substantial 49% improvement in sales compared to the last 12 months. Prior to the latest estimates, the analysts were forecasting revenues of NT$178b in 2024. The consensus has definitely become more optimistic, showing a decent improvement in revenue forecasts.

View our latest analysis for Giga-Byte Technology

The consensus price target rose 5.2% to NT$319, with the analysts clearly more optimistic about Giga-Byte Technology's prospects following this update.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Giga-Byte Technology's past performance and to peers in the same industry. The analysts are definitely expecting Giga-Byte Technology's growth to accelerate, with the forecast 49% 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 highlight for us was that analysts increased their revenue forecasts for Giga-Byte Technology this year. Analysts also expect revenues to grow faster than the wider market. There was also an increase in the price target, suggesting that there is more optimism baked into the forecasts than there was previously. 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.

Need some more information? At least one of Giga-Byte Technology's ten analysts has provided estimates out to 2025, which can be seen for 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.