NVIDIA (NVDA) PT Raised to $95 at RBC Capital Following 'Blow-Out' Results
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RBC Capital analyst Mitch Steves reiterated an Outperform rating and raised his price target on NVIDIA (NASDAQ: NVDA) to $95.00 (from $80.00) following blow-out results.
Steves commented, "Nvidia reported a blow out quarter with revenue coming in at $2.0B and EPS of $0.94, both well ahead of expectations. Importantly, there has been no slow down in the Data Center segment which came in above our upside case at $240M (+193% y/y) vs. our upside case of $200M outlined in our preview. We think the Deep Learning and Robotics sectors could be a larger opportunity than self-driving vehicles creating a material secular growth story backed by: 1) Virtual Reality, 2) Autonomous driving & Infotainment and 3) Deep Learning & Artificial intelligence. As Nvidia's technology allows customers to march down the automation path, we think long-term growth will remain robust. Net Net: Nvidia saw a blow out quarter and we are materially increasing our price target to $95 (from $80)"
Shares of NVIDIA closed at $67.77 yesterday.
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