Nvidia
shares could rise higher than previously thought even after a report that the U.S. will further restrict semiconductor sales to China.
Analysts at
Piper Sandler
led by Harsh Kumar increased their price target for Nvidia (ticker: NVDA) shares to $450 from $440 in a Wednesday research note after hosting Nvidia executives at an event. The stock was up 1.2% at $415.91 in premarket trading on Thursday.
Nvidia has surged this year amid excitement around the potential for artificial intelligence, which is expected to boost demand for the company’s chips. The stock is up more than 180% since Jan. 1, making the chip maker the first among its peers to achieve a market capitalization of $1 trillion earlier this month.
Piper Sandler said that executives had reiterated that proposals for new restrictions on selling the most advanced semiconductors to China wouldn’t immediately affect sales. Furthermore, the company’s advances in in-network computing and in the cloud give it a competitive advantage, they said.
Write to Brian Swint at [email protected]
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