Nvidia in focus as Barclays, Stifel boost price targets ahead of Q1 results
May 20, 2024 7:40 AM ET
By: Chris Ciaccia, SA News Editor
 Antonio Bordunovi
Nvidia (NASDAQ: NVDA) was in focus on Monday as several investment firms raised their price targets on the semiconductor giant ahead of the release of its first-quarter results later this week.
Shares rose 1.5% in premarket trading.
Recent checks into its data center unit point to potential 10% upside in the April quarter and slightly more than 20% in the July quarter as more capacity comes online, Barclays analyst Blayne Curtis said. Curtis, who has an Overweight rating on Nvidia, boosted his price target to $1,100 from $850.
"Looking into next year, the supply chain continues to expect GB systems to launch ahead of standalone Blackwell GPUs and expects H-series to continue to be a healthy portion of overall mix into next year, in-line with management commentary from our facility visit last quarter," Curtis wrote in an investor note.
"While investor concerns through the quarter have largely centered on a potential air pocket in the middle of the year ahead of the Blackwell launch, we still do not see evidence of this occurring, with the tone from our checks remaining mostly unchanged. All in, checks continue to point to [more than] $1B in upside in April and $2B in July."
Stifel analyst Ruben Roy also boosted his price target (to $1,085 from $910) as supply chain checks continue to show "robust demand" for Nvidia's H100 and H200 GPUs even as excitement around its upcoming Blackwell line of GPUs continues to grow.
Nvidia is widely expected to release the Blackwell line of GPUs sometime later this year.
A consensus of analysts expects the company will earn $5.56 per share on $24.47B in revenue for the coming quarter. |
