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Analyst raises NVIDIA stock target on AI prospects

EditorNatashya Angelica
Published 06/24/2024, 12:01 PM
© Reuters

On Monday, Jefferies, a global investment banking firm, adjusted its outlook on NVIDIA Corporation (NASDAQ:NVDA), listed on NASDAQ:NVDA, by increasing the stock's price target to $150 from the previous $135. The firm upheld its Buy rating on the shares, signaling confidence in the company's market position.

The analyst from Jefferies highlighted NVIDIA's mixed performance within the artificial intelligence (AI) sector over the past month, noting that while Broadcom Inc. (NASDAQ:AVGO) shared NVIDIA's outperformance, there was a growing trend of investors shorting stocks like AMD (NASDAQ:AMD) and Marvell Technology (NASDAQ:MRVL), instead favoring Edge AI and Mobile for AI investment exposure.

The firm emphasized that it is premature to determine the market leaders in the AI space for 2025, but there was an observable concern regarding AMD's product pipeline. NVIDIA was described as both "king and kingmaker" within the industry, with its strategic decisions having the potential to significantly influence the growth trajectories of other companies like Marvell and Analog Lab (ALAB).

The analyst also mentioned that on June 26, there would be a chance to engage with management from four out of the five AI companies they track. This interaction is expected to provide deeper insights into their strategies and offerings within the AI ecosystem.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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