Saturday, July 27, 2024 3:46:39 AM
Marty Shtrubel
Marty Shtrubel
Jul 24, 2024, 06:42 PM
It’s that time of day again, and by that, we mean it’s time to give Nvidia (NASDAQ:NVDA) a new, higher price target. As a leading company in the semiconductor and AI space, Nvidia is closely monitored by analysts who frequently revise their models based on the company’s stock performance and growth potential.
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The latest to join the fray is Piper Sandler’s Harsh Kumar, an analyst sitting in 15th position amongst the thousands of Street stock experts. Kumar raised his price target on NVDA from $120 to $140, suggesting shares will gain another 22% over the coming months. Unsurprisingly, his Overweight (i.e., Buy) rating on NVDA remains intact. (To watch Kumar’s track record, click here)
The latest endorsement comes ahead of the chip giant’s fiscal second quarter readout (July quarter), slated for August 28, with Kumar believing the scene is set for a robust showing.
“Overall,” says the 5-star analyst, “our bull case sees NVDA nicely beating July 24 quarter estimates both on the top and bottom line as well as guidance above the street for the Oct 24 quarter. On average, we expect the beat cadence for revenues of ~$2B to continue for both the reported and guided quarters.”
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The “strong business trends” that have been behind the huge gains are set to continue with the addition of the official launch of the Blackwell architecture in the October quarter. Due to the fact demand from CSPs, enterprises, and sovereign continues to be robust, the new architecture’s launch has the potential to “spur a new leg of growth.” “As such,” Kumar goes on to say, “demand is expected to be well ahead of supply going forward once the B100/ B200 launches.”
With the chip giant experiencing such strong demand, the company’s primary focus seems to be on “supply procurement.” Importantly, Kumar notes Nvidia is witnessing not only robust bookings for its new Blackwell launch, but also for current products like the H100 and the H200. “In our view,” Kumar summed up, “NVDA continues to have demand visibility that extends into the middle of CY2025 at a minimum.”
Most on the Street seem just as confident. The analyst consensus rates the stock a Strong Buy, based on a mix of 37 Buys against 4 Holds. Meanwhile, the $142.67 average target is slightly higher than Kumar’s objective and set to deliver returns of ~25% over the coming months.
Recent NVDA News
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/26/2024 08:34:27 PM
- Alphabet Unveils AlphaProof and AlphaGeometry 2; OpenAI Tests SearchGPT; Apple Loses Market Share in China • IH Market News • 07/26/2024 10:07:41 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/25/2024 09:09:10 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/25/2024 08:21:03 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/24/2024 08:28:45 PM
- Meta Unveils Llama 3 AI Model, Elon Musk’s X Poll Backs Tesla’s $5B xAI Investment, and More • IH Market News • 07/24/2024 09:53:32 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/23/2024 08:54:36 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/23/2024 08:30:23 PM
- NVIDIA AI Foundry Builds Custom Llama 3.1 Generative AI Models for the World’s Enterprises • GlobeNewswire Inc. • 07/23/2024 03:15:00 PM
- Futures Pointing To Modestly Lower Open On Wall Street • IH Market News • 07/23/2024 01:08:59 PM
- U.S. Index Futures Dip Slightly as Investors Await Major Earnings Reports, Oil Prices Edge Up • IH Market News • 07/23/2024 10:04:07 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/22/2024 08:37:46 PM
- Nvidia Helps Lead Tech Rebound On Wall Street • IH Market News • 07/22/2024 08:36:18 PM
- Berkshire Sells BofA Holdings, Ryanair Shares Drop 12%, Delta Still Struggling After IT Disruption • IH Market News • 07/22/2024 09:44:17 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/19/2024 09:28:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/19/2024 08:33:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/18/2024 09:20:02 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 07/18/2024 09:17:13 PM
- Form SC 13G - Statement of Beneficial Ownership by Certain Investors • Edgar (US Regulatory) • 07/18/2024 09:15:26 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/18/2024 08:21:46 PM
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- Darden Acquires Chuy’s for $605M, BYND Drops 14% Amid Debt Restructuring, Petco Appoints Ex-Five Below CEO • IH Market News • 07/18/2024 09:59:44 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/17/2024 08:59:50 PM
- U.S. Stocks Close On Mixed Note; Dow Rises To New High, Nasdaq Tumbles • IH Market News • 07/17/2024 08:41:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/17/2024 08:33:45 PM
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