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Investing.com -- Mizuho Securities has raised price targets and estimates across several major semiconductor and AI server stocks.
In a note to clients on Thursday, the firm pointed to stronger demand trends, easing supply constraints, and accelerating data center buildouts ahead of second-half 2025 earnings.
In a wide-ranging note, Mizuho (NYSE:MFG) said it is "raising NVDA ests/PT with tailwinds from Blackwell in 2H25E," lifting its price target on Nvidia (NASDAQ:NVDA) to $185 from $170.
Mizuho sees "strong demand for Blackwell into 2H25/26E," with rack-level shipments of the GB200 NVL72 projected to hit up to 10,000 units in the fourth quarter.
Broadcom (NASDAQ:AVGO) also received a price target increase to $315, supported by expectations that its MTIA ASIC chips may see accelerated deployments from Apple (NASDAQ:AAPL) and OpenAI in 2026.
“We see ASICs potentially exceeding NVDA GPU shipments by 2026E,” Mizuho wrote, adding that Broadcom’s advanced packaging remains “~12 months ahead of competition.”
The firm also raised targets on ARM to $180 and CRDO to $98, highlighting hyperscaler adoption of custom CPUs like Cobalt, Graviton, and Grace, as well as rapid optical interconnect ramps benefiting Credo.
“We continue to see AMZN AWS tailwinds,” said Mizuho, noting the “scale up/out delivering performance/power needs.”
Mizuho expects further upside for Dell (NYSE:DELL) and Supermicro, citing AI server ramps from customers like xAI and OCI. AMD’s price target rose to $152 amid its MI355X ramp, while Intel (NASDAQ:INTC) was raised modestly to $23, with attention now shifting to longer-term roadmap clarity under CEO Lip-Bu Tan.
“The rapid rise of reasoning models” like agentic AI is driving “10-12x token demand vs. non-reasoning models,” Mizuho said, a trend that supports both GPU and ASIC compute scaling into 2026 and beyond.