Analysts raise price targets as GTC event continues

Photo of author


Nvidia’s (NVDA) AI conference entered its second day, with Wall Street analysts reacting positively to the company’s unveiling of new products. Major companies like Wells Fargo and Goldman Sachs have raised their price targets on Nvidia’s stock. Analysts from major institutions such as JPMorgan, Bank of America and AB Bernstein have issued bullish reviews, with the latter jokingly commenting, “Move over Taylor Swift, you’re not the only one who can sell out stadiums.”

Yahoo Finance’s Josh Lipton and Alexandra Canals discuss how Nvidia’s lack of competition boosts investor optimism.

For more expert insights and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor’s Note: Who was this article written by? angel smith

video transcript


Julie Hyman: Now it’s time for our call of the day. And there is some positive sentiment for Nvidia on Wall Street as it continues its second day of the GTC conference. CEO Jensen Huang revealed the company’s latest and most powerful chip, saying it will be priced between $30,000 and $40,000. Management has indicated that there are more products in the pipeline for 2024. And Josh, all this hype has applied to many of these banks. Wall Street firms are raising their price targets across the board.

We have Goldman Sachs, Wells Fargo, Morgan Stanley, JP Morgan all raising PTs on the stock. Bernstein even quoted, the only Taylor Swift or at least referenced Taylor Swift writing quote, Move over Taylor, you’re not the only one who can sell out stadiums. And analyzing a lot of these analyst notes, they really focused on the rollout of Blackwell and how this chip is ultimately unmatched. The competitive angle is another aspect I looked into.

There aren’t any competitors in the market right now that can match NVIDIA’s cadence and obviously the AI ​​hype that we’ve been hearing about over and over again, there’s just been a consistent story here.

Josh Lipto: Yes. I mean, this stock has been so dangerous. I mean, interestingly, we were talking about price action today off camera, which was in the red. Now the move has reversed. Now that the flat line competitor is back in the spotlight, maybe there is some play going on there. But of course, you’ve also pulled back up the charts, up almost 80% already this year. Wall Street likes this name very much. I mean, they say about 90% of analysts think you should buy NVIDIA even at these levels.

I mean, Julie, you rarely see that optimism on the road. I think one of the topics in the notes was what Jensen Huang was saying on stage. The theme he was emphasizing was that listen, we are a chip giant but we are much more than that. He was focusing on software and networking and making the argument that I think listen we’re a platform. And the Bulls love that. And you saw today through the notes, some analysts are saying, listen, they looked at the ecosystem and they argued that it’s absolutely unmatched at this point.

And it is difficult to stand against you. So you mentioned Bernstein’s Stacy Rasgon. This is what he was talking about when he reiterated that his target for outperform rating is still 1,000.

Julie Hyman: Yes. The ecosystem really has a big focus on networking chips software here. All of this is becoming increasingly important to investors. So I think it’s just an ongoing story that has to be seen.

Leave a comment