NVIDIA (NVDA) PT Raised to 'Street High' $350 at Needham & Company; Fast Becoming the 'Wintel' for AI

Needham & Company analyst Rajvindra Gill raised the price target on NVIDIA (NASDAQ: NVDA) to $350.00 (from $325.00) while maintaining a Buy rating following meetings with mangement. The new price target is a 'Street High'.

Gill commented, "This week, we had the opportunity to host an investor meeting with Mr. Ian Buck, GM of NVIDIA’s Data Center Business and Ms. Simona Jankowski, Director of IR. We see striking parallels between NVIDIA's dominance in AI/ ML and the "Wintel" platform during the era of PC computing. In the case of NIVDIA, we think that its unified CUDA platform combined with its proprietary interconnect and comprehensive inference/training software makes it uniquely positioned to capitalize on this next wave of computing. We raise our PT to $350 and increase our FY20 ests based on increased confidence that NVDA will begin to take a larger share of the inference market with its new TensorRT Hyperscaler Platform. We raise our overall data center revenue forecast by $500MM in FY20 to reflect an incremental 1MM servers deployed with GPU-accelerators."

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