Piper Sandler raised its price target for NVIDIA (NASDAQ:NVDA) to $500 from $450 per share in its earnings preview note on Wednesday, maintaining an Overweight rating on the stock.
Analysts told investors that Nvidia is looking towards $50 billion in data center revenues in FY25.
They said their firm expects NVDA to beat estimates across the board for the July quarter as well as EPS and revenue expectations for the October guidance.
"Specifically, we feel the conversation will boil down to the data center business where we are modeling $7.6 billion (implied 78% Q/Q increase) for the July quarter and a sequential increase of 25% to $9.5 billion for October," the analysts wrote.
"We feel there are several factors that give us confidence for continued growth in the data center business. From our conversations, we feel investors are looking for $50 billion in FY25 total data center revenues."