We've Updated Our Portfolio Table, With Big Changes for Nvidia
We've refreshed consensus earnings per share expectations, revised technical levels, and shifted 'pick-up' points for several holdings.
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In keeping with Bob Lang’s analysis this morning of the S&P 500’s technicals, we are offering an updated Portfolio table with refreshed consensus earnings per share expectations, relative strength index levels, and the like.
As we share this, we’ll make a few observations.
First, the only major EPS changes were for TJX (TJX) and Nvidia (NVDA) shares, which should come as no surprise given that both reported last week.
For TJX, consensus 2025 EPS has been lifted to $4.66 from $4.60, while for 2026 the market forecast now stands at $5.13, up from $5.05 roughly a month ago.
Turning to Nvidia, the market now sees EPS of $4.68 this year, jumping to $7.42 next year. Those compare to prior forecasts of $4.55 and $6.78, respectively.
Second, we are aware that a few of the existing price targets for our holdings offer sufficient upside to warrant revisiting our current ratings. Dutch Bros (BROS) , the First Trust Nasdaq Cybersecurity ETF (CIBR) , Marvell (MRVL) , Microsoft (MSFT) , and United Rentals (URI) , we’re looking at you. We will be revisiting some of these as we navigate the market this week, ahead of our November Monthly Roundup coming at you on Monday, Dec. 1.
Third, there are a few positions whose Relative Strength Indicator levels denote oversold conditions. As of this morning, those are Arista Networks (ANET) , Axon (AXON) , Meta (META) , and Microsoft (MSFT) . Given the existing position sizes in AXON and META shares following our latest additions, if added to either of those, it would be on the very small side, similar to what we did with Costco (COST) last week. The reason is that we do not want to be forced to trim quickly if we see a pronounced snap back in those shares, which could happen given their respective betas.
As the market finds its footing, we are inclined to add further on ANET shares and round out our MSFT exposure. And yes, we are aware ANET shares are below our current panic point, and we will reset it with our next ANET addition. Stay tuned.
Fourth, we have several holdings whose position size is greater than 4%, and should we see them move past 4.5%, you can suspect some prudent register ringing could happen.
The Pro Portfolio is long BROS, CIBR, ANET, TJX, MRVL, URI, MSFT, AXON, META, COST, NVDA.
