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Friday, February 17, 2023 1:29:00 PM
By: Investing.com | February 17, 2023
NVIDIA's (NASDAQ:NVDA) price target was raised to $250 per share ahead of the company's upcoming earnings release on February 22.
Oppenheimer analysts reiterated an Outperform rating on the stock, telling investors that the firm sees Nvidia reporting an in-line/better print.
They also expect the company's fiscal first quarter outlook to be roughly in line with consensus.
"Investors will pay careful attention to DC commentary amidst growing concerns over hyperscale spend plans," the analysts write. "In our view, AI is core to cloud titan build plans and likely sacrosanct even in a slowing macro."
Oppenheimer expects hyperscale spending to be up 7% to 8% this year and gaming channel inventory to normalize.
"40-series GPU demand appears robust. We see gaming segment tracking to normal $10B/year run-rate in C2H. F4Q GM approaches steady-state 66% following two-quarters of extraordinary charges," add analysts. "NVDA's AI-led structural growth thesis intact. DC, high-performance gaming, and auto present triple play for sustained growth."
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