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Rosenblatt lifts Nvidia price target to new Street high

Published 02/23/2024, 05:25 AM
Updated 02/23/2024, 05:25 AM
© Reuters

Investing.com - Nvidia’s blockbuster earnings report has prompted Rosenblatt to lift its price target on the AI darling’s stock, to a new Street high.

Artificial intelligence chip designer Nvidia (NASDAQ:NVDA) added a staggering $277 billion in market capitalization on Thursday, setting a record for the biggest one-day jump in history, as its positive fourth-quarter earnings and strong revenue guidance for the current quarter signaled that demand for artificial intelligence remained strong. 

“Once again Nvidia smashed numbers for the quarter,” said analysts at Rosenblatt, in a note dated Feb. 22, as “the shift to accelerated compute away from general compute is reaching a tipping point, and a disruptive new app, generative AI, is creating a whole new industry.”

“Even with China sales out of the equation (now ~5% of DC sales), and improving overall supply, Nvidia remains sold out for the FY,” Rosenblatt added.

As a result, the brokerage raised its 2025 non-GAAP EPS estimate to $30 from $25, seeing potential for a move well into the $30s. It also lifted its 12-month price target to $1,400, a new Street high, from $1,100, reiterating a ‘buy’ rating.

“We are in the very early innings of what we call the Mother of All Cycles.”

Nvidia’s stock closed Thursday at $785.38, after gaining over 16% on the day.

 

Latest comments

NVIDIA relies heavily on Taiwanese chips. What happens when China takes those chips? At this point, Xi has nothing to lose. His markets and economy in the toilet. He'll be able to stranglehold the world and command his price. After all. What was our response when he took Hong Kong?
The fact here is Nvidia is still quite cheap at 35 x Forward earnings.....  They have invented accelerated computing, an architecture that will completely change and replace Datacenter computing
Great Idea ! Let's put AI Software in Heart Pacemakers.
I picked an old post to say thanks for pulling the animals off my back.  Unfortunately, now they are chasing you.
adilbek
assalomu alaykum
"Integrating automation and artificial intelligence (AI) in the telecommunications sector enhances the potential for generating substantial revenue, fortifies customer relationships through identifying individualized needs, and enhances network capabilities." Every scenario has a downside .... When tha AI chip from NVIDIA decides to go WAY beyond the established parameters, because that what AI does, the "potential enhancements" may be unexpected. Hello. Just a thought. Love to All, Charles.
iman
NFA, DYOR
Nvda is crazy valuation
Trapping FOMOs b4 the overbought become oversell......
Sounds too good to be true.
enjoy when you can
Pride before the fall.
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