Raymond James Upgrades NVIDIA (NVDA) to Strong Buy; Conviction in Both Short and Long Term
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(Updated - April 15, 2021 7:07 AM EDT)
Raymond James analyst Chris Caso upgraded NVIDIA (NASDAQ: NVDA) from Outperform to Strong Buy with a price target of $750.00 (from $700.00).
The analyst comments "Our call is not really new, as we’ve been positive on NVDA for some time. Our call today rather is meant to express our conviction in both the short and long term. In the short term, we think results will be more dependent on supply than demand given widespread shortages – and we do expect incremental supply to become available as the year progresses. In addition, we think improvement in enterprise, driven by a return to the office as well as the A10 launch, could drive better Datacenter growth in 2H, which is important for the stock. Our longer-term conviction is driven by the fact that NVDA has more shots on goal than anyone else in our coverage, and their success in AI has earned them a permanent seat at the table in both hyperscale and enterprise compute. The launch of Project Grace – a high performance CPU that will be paired with GPUs in HPC and AI applications – is an example of the TAM expanding initiatives that allow growth to be not just dependent on existing markets, and will help to support the premium multiple."
Shares of NVIDIA closed at $620.73 yesterday.
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