Nvidia stock receives multiple stock target boosts on AI strength

Published 06/11/2024, 08:22 AM
© Reuters

Analysts at Goldman Sachs, Argus and Oppenheimer raised their split-adjusted price targets for Nvidia (NASDAQ:NVDA) in notes this week, also citing continued artificial intelligence strength.

Goldman Sachs lifted its price target for the chipmaker to $135 from $120, reiterating its Buy rating on the stock. The bank noted rising volume expectations across the supply chain ahead of Nvidia's initial shipments of its Blackwell GPU, which are scheduled for late in the third quarter of this year.

"Our meetings at Computex 2024 reinforced our view that Nvidia is on track to maintain its competitive lead in Accelerated Computing for the foreseeable future," they wrote. Following its meetings, the bank highlighted "the industry's excitement centered on the introduction of AI PCs."

Argus raised its Nvidia target to $150, stating the company is positioned for continued market momentum in FY25.

"We look for growth beyond data center and AI, as the company's other end markets of gaming, professional visualization, and automotive also accelerate," they wrote.

The Nvidia target was raised to $150 from $110 at Oppenheimer. "We see NVDA as best positioned in AI, benefiting from their full-stack AI hardware, networking, and software solutions," said the firm's analysts.

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