NVIDIA (NVDA) PT Raised to $600 at Rosenblatt, 'Biggest Cycle in History'

Rosenblatt analyst Hans Mosesmann raised the price target on NVIDIA (NASDAQ: NVDA) to $600.00 (from $320.00) while maintaining a Buy rating.

The analyst comments "Nvidia’s epic print and guide on the massive inflection of global generative AI is historical on so many levels and consistent with a needed view that there is a secular change in semiconductor growth ahead. We call this the Mother of All Cycles or MOAC. Nvidia basically pulled revenue levels that were 2-3 years in the future. Nvidia’s q/q guide for the July quarter of over 50% is proof of a planetary alignment of the ramp of the new Hopper (and existing Ampere) accelerators, S/W stack optimizations, and the realization by global players (CSPs, internet companies, and enterprise), that AI can be used broadly way beyond Chatbots. Interestingly, Nvidia’s Hopper is now established as the lowest cost platform in the market in terms of TCO optimization. For the next several quarters, management expects DC to continue to drive growth on substantially revised upward supply chain engagements. Nvidia’s missing link in all things AI is a CPU, but this hole will be filled with the new Grace CPU this year that is optimized for efficiency and working side by side with Hopper and the next-gen road maps. A fascinating development to us is Nvidia’s coming emergence of becoming an accelerated cloud player itself, basically competing in many ways with current CSP players. Estimates are moving up aggressively, and we see earnings power for FY26 (C25) in the mid-teens $s. Using a 40x P/E multiple we arrive at our new PT of $600 up from $320."

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