Several analysts have raised their price targets on Nvidia ahead of the upcoming GTC conference CNBC. The event, which Bank of America has dubbed “AI Woodstock,” begins Monday, and will be closely watched by analysts and investors who want insight into the chip giant's long-term vision for artificial intelligence (AI).
“Nvidia's leadership position in parallel computing and artificial intelligence is due not to the company's chips, but to a culture of innovation and massive investments in software, services and models,” Truist's William Stein wrote in a client note on Monday.
Nvidia CEO Jensen Huang is the conference's keynote speaker, and Stein believes the speech will “reveal broader and deeper AI leadership.” He raised his price target from $911 to $1,177, which indicates a 34 percent upside from Friday's closing price.
– Critical to pricing power
Moreover, according to the channel, Frank Lee at HSBC set a target price of $880 to $1,050.
He views Nvidia's long-awaited B100 graphics processor (“Blackwell chip”) and GB200 AI platform as critical to pricing power and growth in the overall addressable market.
Truist and HSBC are therefore following Bank of America analyst Vivek Arya, who last week raised his price target to $1,100, citing a strong pipeline and “a valuation that remains attractive.”
– The most important conclusion of the week
According to CNBC, Cantor Fitzgerald's CJ Muse settled at $1,200 at the same time, thus seeing an appreciation of approximately 37 percent from its closing price on Friday.
“We believe the key takeaways for this week will be a clear vision for Nvidia's sale through 2024, a clear product cycle that supports another year of growth in 2025 and a vibrant ecosystem ready to capitalize on massive opportunities as we approach a turning point in artificial intelligence production,” Moses wrote. .
Nvidia shares rose more than 2 percent to more than $895 in early trading on Wall Street Monday.
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