NVIDIA (NVDA) PT Raised to $900 at Raymond James; Matches Street High
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(Updated - June 22, 2021 7:17 AM EDT)
Raymond James analyst Chris Caso raised the price target on NVIDIA (NASDAQ: NVDA) to $900.00 (from $750.00) while maintaining a Strong Buy rating following recent checks and management conversations, which supports continued momentum into 2022. The new price target matches a "Street High", set by BofA last week.
The analyst commented, "We reiterate our Strong Buy rating on NVIDIA and raise our price target to $900, as we believe near term trends are following the path we anticipated when upgrading the stock from Outperform back in April, and we still consider NVDA to be the semi company best positioned for growth over the long term. After completing some checks over the past week, and following our management conversations post earnings, we’re convinced that datacenter has begun to reaccelerate due to hyperscale digestion, a resumption of enterprise activity and rising virtualization. In gaming, we think increased supply and price increases will lead to upside in 2H21. And we’re more highly convinced that the moves to remove crypto from new gaming boards will be effective, though we do expect mining-specific (CMP) revenue to drop to zero before year end. Longer term, we don’t see credible threats to NVDA’s dominance in AI, which we believe will allow them to continue the track record of a 27% revenue CAGR over the past six years. While we don’t expect the ARM deal to be approved, that won’t stop their move into CPU (starting with Grace in 2023), which provides yet another growth avenue for the company."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments
Related EntitiesRaymond James, Raising Prices, Earnings
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