Rosenblatt lifts Nvidia price target to new Street high By Investing.com
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AuthorPeter NurseStock Markets
Published Feb 23, 2024 05:25AM ET
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Investing.com – Nvidia’s blockbuster earnings report has prompted Rosenblatt to lift its price target on the AI darling’s stock, to a new Street high.
Artificial intelligence chip designer Nvidia (NASDAQ:NVDA) added a staggering $277 billion in market capitalization on Thursday, setting a record for the biggest one-day jump in history, as its positive fourth-quarter earnings and strong revenue guidance for the current quarter signaled that demand for artificial intelligence remained strong.
“Once again Nvidia smashed numbers for the quarter,” said analysts at Rosenblatt, in a note dated Feb. 22, as “the shift to accelerated compute away from general compute is reaching a tipping point, and a disruptive new app, generative AI, is creating a whole new industry.”
“Even with China sales out of the equation (now ~5% of DC sales), and improving overall supply, Nvidia remains sold out for the FY,” Rosenblatt added.
As a result, the brokerage raised its 2025 non-GAAP EPS estimate to $30 from $25, seeing potential for a move well into the $30s. It also lifted its 12-month price target to $1,400, a new Street high, from $1,100, reiterating a ‘buy’ rating.
“We are in the very early innings of what we call the Mother of All Cycles.”
Nvidia’s stock closed Thursday at $785.38, after gaining over 16% on the day.
Rosenblatt lifts Nvidia price target to new Street high
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