NVIDIA (NVDA) PT Raised to $700 at Oppenheimer Ahead of Earnings

Oppenheimer analyst Rick Schafer raised the price target on NVIDIA (NASDAQ: NVDA) to $700.00 (from $600.00) ahead of F4Q earnings Wednesday (2/24).

The analyst reiterated an Outperform rating, stating "We see upside to F4Q consensus sales/EPS of $4.8B/$2.81E and F1Q (Apr) $4.5B/$2.51E led by GeForce gaming GPU as demand for Ampere continues to outstrip supply on retail/e-tail shelves. We see supply tightness lingering at least into 2Q. Mgmt sees low crypto exposure risk based on CMP (crypto mining processor) demand. CMP strips out video/ graphics components, leaving only compute. We look for DC spend to accelerate into 2Q as hyperscalers move past modest 2H20 capacity digestion. We like the strategic nature of NVDA's planned ARM acquisition, though regulatory hurdles remain. Expected close by C1Q22. Long-term AI-driven structural growth/GM thesis intact."

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