UBS Reiterates Buy Rating on NVIDIA (NVDA) Following Taiwan Export Data

UBS analyst Timothy Arcuri reiterated a Buy rating and $235.00 price target on NVIDIA (NASDAQ: NVDA).

The analyst commented, "The Taiwan Ministry of Finance released January export data overnight, including Automatic Data Processing equipment (ADP). ADP ex laptops was $22.6B, up 8% M/M from December's $20.9B, well ahead of normal seasonal (-4% M/M). The higher run rate in October ($22.2B vs. $14.1B in September) appears to have stabilized with little month-to-month variance in December and January. The full FQ4 now stands at $66.2B +25% Q/Q (after FQ3 was up +31%). This is well ahead of the ~18% Q/Q growth we model for NVDA data center revenue, so while this data has decoupled with NVDA's results in recent periods, Taiwan ADP exports would appear to support additional upside in the NVDA print. We also recently highlighted SIA December data (see here) which came in above seasonal trends. The next read will be TSMC January sales, likely to be out Friday."

For an analyst ratings summary and ratings history on NVIDIA click here. For more ratings news on NVIDIA click here.

Shares of NVIDIA closed at $190.04 yesterday.

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