Nvidia Analysts Grow More Bullish on Chipmaker’s Stock After Strong Earnings | Global News Avenue

After NVIDIA (NVDA)Report Record quarterly revenue Driven by data center sales growth and raised expectations for its Blackwell Artificial Intelligence (AI) On the chip front, several analysts raised their price targets on the chipmaker’s stock.

Wedbush analysts raised their price target to $175 from $160, which would represent an upside of about 19% from Thursday’s closing price, indicating strong demand for Nvidia’s artificial intelligence chips and indicating that the production volume of its next-generation Blackwell chips is “at least as high as Just as fast as expected”.

During the company’s earnings call, CEO Huang Renxun said Nvidia is expected to ship More Blackwell chips than previously expected In the current quarter, it runs until January. Analysts at Mizuho raised their price target to $175 from $165 after the call, projecting Blackwell’s revenue to reach $5 billion during the period.

Citi analysts raised their price target to $175 from $170, and Goldman Sachs raised its price target to $165 from $150, anticipating gains from “growing demand for artificial intelligence infrastructure across all customer segments.”

Nvidia also appears to be allaying concerns over Blackwell report overheating problemThis “should ease any lingering investor concerns about Blackwell’s execution,” Wedbush analysts wrote.

Nvidia’s stock price fluctuated between gains and losses during the session on Thursday, once climbing to an intraday high and later closing up 0.5% at $146.67. The stock has nearly tripled in value since the start of the year.

Wedbush says Nvidia GPUs could drive increased spending across tech industry

Wedbush analysts also said Nvidia could lead tech stocks higher at the end of the year and into 2025 after delivering strong results, with the knock-on effects of its chip spending likely to boost the broader tech industry. Analysts estimate that for every $1 spent on Nvidia graphics processor There could be an $8-$10 multiplier effect on the entire tech industry.

Updated—November 21, 2024: This article has been updated to include more analyst commentary and to reflect the latest share values.