The Nvidia (NASDAQ:NVDA) price target was raised to $750 from $670 at KeyBanc Capital in a note Tuesday, with the analysts maintaining an Overweight rating on the stock.
They told investors in the note covering semiconductor stocks that their quarterly supply chain findings are most positive for Nvidia (NASDAQ:NVDA), Synaptics (NASDAQ:SYNA), Intel (NASDAQ:INTC), and Qorvo (NASDAQ:QRVO).
"For NVDA, we still see opportunity for 2H upside given: 1) demand for L40S has been very strong, as we see revenue contribution in the 2H of $2.25B-$3B; 2) NVDA is quickly cutting over mix from A100 to higher ASP H100 in 2H; and 3) it has been able to source modest incremental CoWoS capacity from Amkor and at TSMC," the analysts wrote.
"We are modeling NVDA datacenter revs for FY24/CY23 and FY25/CY24 of $45B (+201%) and $101B (+124%), respectively."
Over the longer term, KeyBanc sees more meaningful capacity coming online in 2H24, as well as continued outsized growth as "NVDA looks to pull in the ramp of its next-generation GPU, the B100, into 4Q24."