Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Goldman Sachs bumps Nvidia stock target, sees 20% more upside

Published 05/02/2024, 14:56
NVDA
-

Goldman Sachs analysts reiterated their Buy rating on Nvidia (NASDAQ:NVDA) and raised the 12-month target price from $625 to $800.

The new price objective implies a nearly 21% upside from NVDA’s Friday closing price.

“We reiterate our Buy rating (also on the Conviction List) on NVDA with our updated 12-month price target of $800 pointing to 21% potential upside from current levels and our bull/bear analysis indicating an attractive risk/reward profile.”

Goldman said its revised forecasts for the fiscal years 2025/26 now show an average increase of 22% in non-GAAP EPS (excluding SBC), taking into account recent indicators of strong demand for AI servers and a better supply situation for GPUs.

In contrast to previous expectations of a decline in Data Center revenue in the second half of the 2024 calendar year (CY), analysts now anticipate steady growth into the first half of CY25.

This adjustment is “driven by continued spending on Gen AI infrastructure by the large cloud service providers, a broadening customer profile, and multiple new product cycles (e.g. H200, B100).”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.