Nvidia so far ahead in virtual it's not even close, Rosenblatt says; hikes target to $400
Nov. 10, 2021
By: Kim Khan, SA News Editor
David Becker/Getty Images News
- Rosenblatt Securities is boosting its price target on chipmaker Nvidia (NASDAQ: NVDA) to $400 from $300 in the wake of its Omniverse presentation.
- The stock is struggling premarket, though, down 4% before the bell.
- CEO Jensen Huang "expanded on the company's Omniverse extended reality strategic software 3D virtual world platform which is the structural foundation of Meta's (NASDAQ: FB)Metaverse vision," analyst Hans Mosemann writes. "Nvidia is so, so far ahead of any chip company in virtual world dynamic it's not even close."
- "Nvidia has planted the seeds of accelerated computing triangulating the major parties to create a secular movement: gamers, scientists, auto industry, operations optimization, robotics, and creators," he adds.
- He is looking for earnings power of around $10 for 2024, which he says is conservative given the "massive opportunity."
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