Nvidia gets another price target boost ahead of earnings from Jefferies
Nov. 15, 2024 8:47 AM ET
By: Chris Ciaccia, SA News Editor
 JHVEPhoto
Nvidia (NASDAQ: NVDA) was in focus on Friday after the semiconductor giant received another price target boost going into its highly anticipated earnings next week.
Shares fell 1% in premarket trading.
Jefferies analyst Blayne Curtis upped his price target to $185 from $150 and maintained his Buy rating on the belief that a "similar story" should play out this quarter, where Nvidia tops estimates and raises its revenue guidance by roughly $2B. And despite expectations continuing to rise, the stock should continue to rise as well, given its Blackwell GPUs are ramping up.
"Blackwell is starting to ramp, with a 'few billion' this quarter and further growth with small volumes of the GB200 layering in next quarter," Curtis wrote. "Hopper is still growing during the early stages of this transition as prior deployments are filled out. We raise our estimates to reflect our updated expectations for the Blackwell ramp."
Looking out to next year, Curtis said estimates are continuing to rise, with some expecting Nvidia to earn $5 per share and generate $200B in revenue (on the low end) and $6 per share on the high end.
"While we are very positive on the unit upside, we would highlight that many of these estimates may be baking too aggressive ASPs (leftover from the misconception that NVDA would be selling entire racks for the GB200 NVL)," Curtis added. "Our roughly 6M GPU units equate to DC revenue closer to $180-200B, vs buyside expectations in the $205-215B range."
Nvidia is set to report quarterly results after the close of trading on November 20. A consensus of analysts expect the company will earn $0.74 per share on $33.03B in revenue. |
