NVIDIA (NVDA) PT Raised to $400 at Needham as the A100 Launch Boosts Data Center Revs

Needham & Company analyst Rajvindra Gill raised the price target on NVIDIA (NASDAQ: NVDA) to $400.00 (from $360.00) after the company reported a beat and raise quarter on strength in Data Center and Gaming, two segments that benefit from the stay-at-home economy. The company also launched its A100 7nm GPUs, which enhances performance by 20x, and meaningfully contributed to overall data center revenue in the quarter.

The analyst maintained a Buy rating, stating "As NVDA further integrates Mellanox, we expect NVDA's positioning with enterprise data center customers to improve, as it will be able to provide a complete cloud offering consisting of HPC and networking hardware and software." "We are raising our PT to $400 (vs. $360), based on a slightly higher multiple of 38.5x P/E our FY22 (CY21) est plus cash. We remain bullish on NVDA's positioning in data center, both in training and inference, coupled with its continued dominance in gaming".

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