© Reuters New week, new price target hikes for Nvidia (NVDA) stock
Nvidia Corporation (NASDAQ:) is due to report its much-anticipated second-quarter earnings on Wednesday after market close.
Several Wall Street analysts boosted their price targets on the chipmaker’s stock last week, including the new Street-high at Rosenblatt ($800 per share). Additional two analysts joined the party today.
HSBC analysts boosted the PT by 30% to $780 per share as they see more upside.
“Although market expectations have clearly risen for Nvidia and the overall AI supply chain, we expect bullish AI server momentum continued to surpass market expectations YTD as we are raising our FY24e/FY25e AI server assumptions from 162,500/222,000 to 200,000/400,000,” the analysts said in a client note.
“We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments. We believe this will continue to be the case going into FY25e especially as the market has better visibility over US CSP cloud 2024e CAPEX expectations by late 4Q23.”
Similarly, KeyBanc analysts raised the target by $70 to $620 per share.
“We expect NVDA to report results and guidance meaningfully above cons. expectations driven by strong demand and incremental capacity given: 1) Incremental CoWoS capacity coming online at Amkor (NASDAQ:) in addition to TSMC; 2) Given the pushout of AMD’s MI300X, we believe NVDA has been able to source increased CoWoS capacity at TSMC; 3) We see incremental demand for L40S from China ramping in F3Q, which does not require CoWoS packaging,” they wrote.
Nvidia shares are up over 2% in premarket Monday.
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