NVIDIA (NVDA) PT Raised to $780 at HSBC, 'Still room for upside'

HSBC analyst Frank Lee raised the price target on NVIDIA (NASDAQ: NVDA) to $780.00 (from $600.00) while maintaining a Buy rating.

The analyst comments "Bullish AI server momentum should continue to surprise on upside Although market expectations have clearly risen for Nvidia and the overall AI supply chain, we expect bullish AI server momentum continued to surpass market expectations YTD as we are raise our FY24e/FY25e AI server assumptions from 162,500/222,000 to 200,000/400,000. We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments. We believe this will continue to be the case going into FY25e especially as the market has better visibility over US CSP cloud 2024e CAPEX expectations by late 4Q23."

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