Nvidia in focus as it gets Wall Street high $1,200 price target; others sing praises
Feb. 16, 2024 8:30 AM ET
By: Chris Ciaccia, SA News Editor
 Bloomberg/Bloomberg via Getty Images
Nvidia (NASDAQ: NVDA) shares were in focus on Friday as a pair of Wall Street firms lavished praise on the Jensen Huang-led company, including Loop Capital, which put a new Wall Street high price target on the GPU giant.
Shares rose 2.1% in premarket trading on Friday.
Nvidia, which is slated to report quarterly results on Feb. 21, is likely to see "material upside" to consensus estimates for 2024, 2025 and 2026, Loop Capital analyst Ananda Barush said, while initiating coverage on the stock with a Buy rating and $1,200 price target, implying some 60% upside from current levels.
The $1,200 price target represents a new high on Wall Street, topping the $1,100 set forth by Rosenblatt Securities late last year.
In addition to seeing upside to estimates over the next few years, Nvidia — along with AMD ( AMD) and Intel ( INTC) — is at the front end of a three to five-year "foundational build" cycle in both GPU computing and generative AI from hyperscalers, Barush said.
Separately on Friday, Oppenheimer analyst Rick Schafer maintained his Outperform rating and increased his price target to $850 from $650. Schafer said he sees upside compared to estimates for the coming quarter and guidance, while adding that investors are keen to hear any updates on China, given that the country has accounted for anywhere between 20% and 25% of its data center revenue.
A consensus of analysts expect Nvidia to earn $4.61 per share on $20.46B in revenue. |
