Technical Analysis – 21 May 2026

United States | Singapore | Hong Kong | Earnings

First Solar, Inc. (FSLR US)

• Shares closed above the 5dEMA with rising volume.  
• Both RSI and MACD are constructive. 
• Long – Entry 220, Target 280, Stop 190 

Magnachip Semiconductor Corporation (MX US) 

• Shares closed above the 5dEMA with elevated volume.  
• Both RSI and MACD are constructive. 
• Long – Entry 5.0, Target 5.6, Stop 4.7 

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AEM Holdings Ltd. (AWX SP) 

• Shares closed above the 5dEMA with elevated volume for the week. 
• RSI is at overbought levels but MACD is still constructive. 
• Buy – Entry 8.5, Target 10.5, Stop 7.5 

Riverstone Holdings Limited. (RSTON SP) 

• Shares closed right on the 5dEMA with elevated volume for the week. 
• RSI is at overbought levels but MACD is still constructive. 
• Buy – Entry 0.90, Target 1.02, Stop 0.84  

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Semiconductor Manufacturing International Corp (981 HK)  

• Shares closed above the 5dEMA with a surge in volume. 
• RSI is constructive, while MACD is negative. 
• Long – Entry 72, Target 78, Stop 69 

Hua Hong Semiconductor Ltd (1347 HK) 

• Shares closed above the 5dEMA with rising volume. 
• RSI is constructive, while MACD is negative. 
• Long – Entry 126, Target 140, Stop 119 

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Analog Devices Inc. (ADI) 

• 2Q26 Revenue: $3.62B, +37.1% YoY, beat estimates by $100M 

• 2Q26 Non-GAAP EPS: $3.09, beat estimates by $0.18 

• 3Q26 Guidance: Expect revenue of $3.9 billion, +/- $100 million. At the midpoint of this revenue outlook, expect reported operating margin of approximately 39.0%, +/-150 bps, and adjusted operating margin of approximately 49.0%, +/-100 bps. EPS to be $2.60, +/-$0.15, and adjusted EPS to be $3.30, +/-$0.15. 

• Dividend distribution: The Board of Directors has declared a quarterly cash dividend of $1.10 per outstanding share of common stock, to be paid on 16 June to all shareholders of record at the close of business on 2 June. 

• Comment: Analog Devices delivered a record fiscal second quarter, with revenue of US$3.62bn coming in above guidance and growing across all end markets, led by Industrial and Communications. Demand momentum remained strong, with record bookings across its business-to-business markets of Industrial, Automotive and Communications, while trailing twelve-month operating cash flow and free cash flow reached US$5.1bn and US$4.6bn, respectively. The company also returned US$1.3bn to shareholders through dividends and buybacks and declared a quarterly dividend of US$1.10 per share. Looking ahead, ADI guided third-quarter revenue to around US$3.9bn, with adjusted operating margin of about 49% and adjusted EPS of US$3.30, reflecting confidence in continued demand recovery. The planned US$1.5bn acquisition of Empower Semiconductor should also strengthen ADI’s power management portfolio for AI and compute-intensive applications, positioning the company to benefit from rising demand for power efficiency in AI infrastructure. 3Q26 recommended trading range: $390 to $450. Neutral Outlook. 

Analog Devices 公司 (ADI) 

• 26财年第二季度营收：36.2亿美元，同比+37.1%，超出预期1亿美元。 

• 26财年第二季度Non-GAAP每股收益：3.09美元，超出预期0.18美元。 

• 26财年第三季度指引：预计营收为39亿美元（上下浮动1亿美元）。在该营收指引的中值上，预计报告口径经营利润率约为39.0%（±150个基点），调整后经营利润率约为49.0%（±100个基点）。EPS预计为2.60美元（±0.15美元），调整后EPS预计为3.30美元（±0.15美元）。 

• 股息派发：董事会已宣布每股普通股季度现金股息1.10美元，支付日为6月16日；股权登记日为6月2日收盘时登记在册的所有股东。 

• 短评：ADI实现了创纪录的26财年第二季度：营收36.2亿美元，高于指引，并且在所有终端市场实现增长，主要由工业与通信板块带动。需求延续强劲势头，其B2B市场（工业、汽车与通信）录得创纪录订单；过去12个月的经营活动现金流和自由现金流分别达到51亿美元和46亿美元。公司还通过分红和回购向股东回馈13亿美元，并宣布每股季度股息1.10美元。展望未来，公司指引第三季度营收约39亿美元，调整后经营利润率约49%，调整后EPS约3.30美元，体现其对持续需求回升的信心。公司计划斥资15亿美元收购Empower Semiconductor，也将进一步强化ADI的电源管理组合，用于AI与高算力应用；若AI基础设施对电力效率的需求持续上升，公司有望受益。26财年第三季度建议交易区间：390美元至450美元。中性前景。 
   

Target Corp (TGT) 

• 1Q26 Revenue: $25.44B, +6.7% YoY, beat estimates by $740M 

• 1Q26 Non-GAAP EPS: $1.71, beat estimates by $0.25 

• FY26 Guidance: Raised its full-year revenue outlook, expects net sales growth of 4% compared with 2025, an increase of 2 percentage points from its prior outlook. It also expects its earnings per share to come in near the high end of its previously provided guidance range of $7.50 to $8.50, vs estimates of $8.14 per share. 

• Comment: Target delivered an encouraging first-quarter turnaround, with revenue of US$25.44bn and adjusted EPS of US$1.71 both beating expectations, while same-store sales rose 5.6%, its first positive comparable sales result in five quarters. Growth was broad-based across all six core categories, supported by stronger traffic, lower prices on selected items, new food and beverage products, strength in toys, baby and health and wellness, and an 8.9% increase in digital comparable sales driven by same-day delivery through Target Circle 360. Management raised its fiscal-year sales growth outlook to around 4% and expects EPS near the high end of its US$7.50 to US$8.50 range, but remained cautious given weaker consumer sentiment, fuel cost pressure and macro uncertainty. Looking ahead, Target’s recovery appears to be gaining traction, but the key test will be whether its merchandising refresh, pricing actions and store investments can sustain traffic and sales growth without sacrificing margins in a still-challenging consumer environment. 2Q26 recommended trading range: $110 to $130. Neutral Outlook. 

Target 公司 (TGT) 

• 26财年第一季度营收：254.4亿美元，同比+6.7%，超出预期7.40亿美元。 

• 26财年第一季度Non-GAAP每股收益：1.71美元，超出预期0.25美元。 

• 26财年指引：上调全年营收预期，预计相较2025年净销售额增长4%，较此前指引提高2个百分点。并预计每股收益接近此前给出的7.50至8.50美元区间的高端；而市场预期为8.14美元/股。 

• 短评：Target实现了令人鼓舞的一季度“扭转”：营收254.4亿美元与调整后EPS 1.71美元均超出预期；同店销售增长5.6%，是连续五个季度以来首次出现同类可比销售的正增长。六大核心品类整体增长较为均衡，受益于更强的到店流量、部分商品的价格下调、新的食品饮料产品、玩具、婴童以及健康与 wellness 类需求走强；此外得益于Target Circle 360提供当日达服务，数字化可比销售增长8.9%。管理层上调全年销售增长指引至约4%，并预计EPS接近7.50至8.50美元区间的高端，但仍保持谨慎态度，原因在于消费者情绪偏弱、燃料成本承压以及宏观不确定性。展望未来，Target的修复似乎正在获得动能，但关键考验在于：其商品更新、定价举措以及门店投资，能否在仍具挑战的消费环境下维持客流与销售增长，同时不牺牲利润率。26财年第二季度建议交易区间：110美元至130美元。中性前景。 
   

Lowe’s Companies Inc (LOW) 

• 1Q26 Revenue: $23.1B, +10.4% YoY, beat estimates by $220M 

• 1Q26 Non-GAAP EPS: $3.034, beat estimates by $0.06 

• FY26 Guidance: Reaffirmed its full-year guidance, expecting total sales between $92B and $94B, an increase of between 7% and 9% compared with the prior year. It expects comparable sales to be flat to up 2% compared with last year. It expects adjusted earnings per share of between $12.25 and $12.75 for the full year. 

• Comment: Lowe’s delivered a solid first quarter, with revenue rising about 10% YoY to US$23.08bn and adjusted EPS of US$3.03, both ahead of expectations. Comparable sales grew 0.6%, marking a fourth straight quarter of positive comps, supported by strong spring execution, 15.5% online sales growth, and strength in appliances, home services and professional contractor demand. However, DIY demand remains pressured by elevated interest rates, high costs, low housing turnover and weaker consumer sentiment, particularly among lower-income households. Management reaffirmed full-year guidance for revenue of US$92bn to US$94bn, comparable sales flat to up 2%, and adjusted EPS of US$12.25 to US$12.75. Looking ahead, Lowe’s appears well positioned to take share through disciplined execution and growth in professional customers, but a broader recovery likely depends on lower mortgage rates and improved housing activity, while higher fuel and macro pressures could continue weighing on discretionary DIY spending. 2Q26 recommended trading range: $210 to $240. Neutral Outlook. 

Lowe’s 公司 (LOW) 

• 26财年第一季度营收：231亿美元，同比+10.4%，超出预期2.20亿美元。 

• 26财年第一季度Non-GAAP每股收益：3.034美元，超出预期0.06美元。 

• 26财年指引：确认全年指引不变。预计全年总销售额92亿至94亿美元，较上年增长约7%至9%。预计可比销售额与去年持平到同比增长2%。预计全年调整后每股收益为12.25至12.75美元。 

• 短评：Lowe’s一季度表现稳健：营收同比上涨约10%至230.8亿美元，调整后EPS 3.03美元，同样高于预期。可比销售额增长0.6%，实现连续第四个季度可比口径为正；受益于强劲的春季执行、线上销售增长15.5%，以及家电、家居服务和专业承包商需求的增强。但DIY（自己动手）需求仍受到高利率压制，住房周转率偏低且消费者情绪偏弱，尤其是低收入家庭。管理层重申全年指引：营收92亿至94亿美元、可比销售额持平到上调2%、调整后EPS为12.25至12.75美元。展望未来，Lowe’s看起来有能力通过更严谨的执行、以及在专业客户方面的增长来抢占份额；但更广泛的复苏可能仍取决于更低的按揭利率和住房活动改善，而燃料成本与宏观压力可能继续对可自由支配的DIY消费形成拖累。26财年第二季度建议交易区间：210美元至240美元。中性前景。 
   

The TJX Companies, Inc. (TJX) 

• 1Q27 Revenue: $14.32B, +9.2% YoY, beat estimates by $310M 

• 1Q27 GAAP EPS: $1.19, beat estimates by $0.19 

• FY27 Guidance: Raised FY27 comparable sales growth guidance to 3% to 4% from 2% to 3%, and raised FY27 diluted EPS guidance to $5.08 to $5.15 from $4.93 to $5.02.  

• Share Buybacks: Increased FY27 share buyback plan to $2.75B to $3.0B. 

• Comment: This was a strong quarter. Comparable sales rose 6%, well ahead of expectations, and the gain was driven by customer transactions rather than only ticket. Pretax profit margin rose to 12.0%, which indicates the business is still converting traffic strength into healthy earnings even in a cautious consumer environment. The key positive is that the off-price model is still taking share. TJX was able to raise full-year comp, EPS, and buyback guidance after a clean beat, which suggests management is seeing durable demand from value-focused shoppers. The stock reaction was clearly positive, with shares up about 5% to 6% after the release. The main variables to monitor are whether transaction-led comp strength continues through summer, whether margins remain resilient if freight and fuel costs rise, and whether the company can keep outperforming even if consumer spending softens further. 2Q26 recommended trading range: $145 to $170. Neutral Outlook. 

TJX Companies, Inc.（TJX) 

• 27财年第一季度营收：143.2亿美元，同比增长9.2%，超出预期3.1亿美元 

• 27财年第一季度公认会计准则每股收益：1.19美元，大幅超出预期0.19美元 

• 27财年全年指引：上调同店销售增长指引至3%–4%（原为2%–3%）；上调稀释每股收益指引至5.08–5.15美元（原为4.93–5.02美元） 

• 股票回购：将27财年股票回购计划提升至27.5亿–30亿美元 

• 短评：本季度表现强劲。同店销售额增长6%，远超市场预期，且增长主要由客流量（交易笔数）驱动，而非仅靠客单价提升，显示其价值定位持续吸引消费者。税前利润率升至12.0%，印证即便在消费谨慎环境下，公司仍能将客流优势高效转化为盈利。核心亮点在于折扣零售模式持续抢占市场份额：TJX在清晰超预期后，同步上调全年同店销售、EPS及回购指引，反映管理层对“价值导向型消费者”需求韧性的高度信心。财报发布后股价上涨5%–6%，市场反应积极。后续关键变量包括：（1）以交易量驱动的同店增长能否延续至夏季；（2）若运费与燃油成本上升，利润率是否仍具韧性；（3）在整体消费支出可能进一步放缓背景下，公司能否持续跑赢大盘。26财年第二季度建议交易区间：145美元至170美元。中性前景。 

NVIDIA Corporation (NVDA) 

• 1Q27 Revenue: $81.62B, +85.2% YoY, beat estimates by $2.65B 

• 1Q27 Non-GAAP EPS: $1.87, beat estimates by $0.10 

• 2Q27 Guidance: Revenue guided to $91.0B, above expectations. Management also highlighted new growth drivers beyond Blackwell. 

• Dividends/Share Buybacks: Quarterly dividend was raised to $0.25 per share and Nvidia announced an $80B share buyback. 

• Comment: This was another very strong quarter. Data Center revenue reached $75.2B, which confirms AI infrastructure demand remains extremely strong, while overall revenue and earnings again came in ahead of expectations. The main positive is that guidance also moved higher, suggesting demand strength is continuing into the next quarter rather than flattening immediately. The main issue is expectations. Despite the beat and strong guide, the stock reaction was slightly negative after hours with move down around 1% to 1.6%. That suggests the market is now debating durability into 2027 and beyond rather than the current quarter itself. The principal variables to monitor are Blackwell supply conversion, competitive pressure from custom silicon and rival accelerators, gross margin resilience as scale increases, and whether new platforms can sustain growth at this level. 2Q27 recommended trading range: $180 to $280. Neutral Outlook. 

英偉達公司（NVDA) 

• 27財年第一季度營收：816.2億美元，同比大增85.2%，超出預期26.5億美元 

• 27財年第一季度非公認會計準則每股收益：1.87美元，超出預期0.10美元 

• 27財年第二季度指引：營收指引910億美元，高於市場預期；管理層亦強調除Blackwell平台外，已出現新的增長驅動因素 

• 股息與資本返還：季度股息上調至每股0.25美元，並宣布800億美元股票回購計劃 

• 短評：本季度再度展現極強勁表現。數據中心業務營收達752億美元，佔總收入逾92%，確證AI基礎設施需求依然熾熱；營收與盈利雙雙超預期，且Q2指引進一步上修，顯示高增長勢頭至少延續至下一季度，而非短期見頂。核心亮點在於需求能見度與執行力持續領先，並開始從Blackwell單一週期邁向多元平台驅動。然而，市場反應略偏負面——盤後股價下跌約1%–1.6%，反映投資者焦點已從「當前季度是否超預期」轉向「2027年及以後的增長可持續性」。後續關鍵變量包括：（1）Blackwell晶片供應能否順利轉化為確認收入；（2）來自客戶自研晶片（custom silicon）及其他加速器廠商的競爭壓力；（3）在規模急速擴張下，毛利率能否維持韌性；（4）新興平台（如AI工廠、Omniverse、機器人等）能否支撐長期增長曲線。27財年第二季度建議交易區間：180美元至280美元。中性前景。 
   

Intuit Inc. (INTU) 

• 3Q26 Revenue: $8.56B, +10.5% YoY, beat estimates by $20M 

• 3Q26 Non-GAAP EPS: $12.80, beat estimates by $0.23 

• FY26 Guidance: Raised FY26 total revenue guidance to $21.34B to $21.37B. TurboTax FY26 revenue guidance was trimmed to $5.277B to $5.282B from $5.305B to $5.330B. 

• Share Buybacks: Announced a new $8B share repurchase program. 

• Comment: This was a mixed quarter. The headline EPS beat was strong, and full-year total revenue guidance moved higher, which suggests the broader platform is still performing well. The issue is that TurboTax guidance was cut because expected IRS filings are now lower than previously assumed, creating a less favorable mix inside the Consumer segment. The market focused more on the structural questions than on the quarterly beat. Management also announced a major restructuring, including a 17% workforce reduction and estimated charges of $300M to $340M in 4Q, while emphasizing more AI investment and operating simplification. Shares fell about 14% after the release, indicating concern that AI is increasing competitive pressure around tax preparation even as Intuit leans harder into AI itself. The principal variables to monitor are next tax season filing volumes, whether TurboTax pricing changes offset lower returns volume, execution on the restructuring, and whether AI features drive stronger monetization across the broader platform. 4Q26 recommended trading range: $280 to $380. Neutral Outlook. 

Intuit Inc.（INTU) 

• 26财年第三季度营收：85.6亿美元，同比增长10.5%，超出预期2000万美元 

• 26财年第三季度非公认会计准则每股收益：12.80美元，超出预期0.23美元 

• 26财年全年指引：上调全年总营收至213.4亿–213.7亿美元；但下调TurboTax全年营收指引至52.77亿–52.82亿美元（原为53.05亿–53.30亿美元） 

• 股票回购：宣布新一轮80亿美元股票回购计划 

• 短评：本季度表现混合。顶层EPS强劲超预期，且全年总营收指引上调，显示其整体平台（包括QuickBooks、Credit Karma等）仍具韧性。然而，TurboTax业务前景转弱—因美国国税局（IRS）预计报税量低于此前假设，导致该板块收入指引下调，拖累消费者业务内部结构。更关键的是，管理层同步宣布重大重组计划：裁员17%（约3500人），并预计在第四季度计提3亿–3.4亿美元相关费用，同时强调将加码AI投入与运营简化。市场反应负面，股价盘后大跌约14%，反映投资者担忧：尽管Intuit自身加速AI布局，但AI正加剧税务软件领域的竞争压力（如免费替代方案兴起、IRS直接报税试点扩大）。后续关键变量包括：（1）下一报税季的申报总量是否企稳；（2）TurboTax能否通过提价或增值服务抵消申报量下滑；（3）重组执行效率与成本节约兑现；（4）AI功能（如智能税务建议、自动化簿记）能否在全平台实现更强变现。26财年第四季度建议交易区间：280美元至380美元。中性前景。