NVIDIA (NVDA): Capacity Constraint More Than Offsets Seasonality; $300 PT - BofA
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BofA/Merrill Lynch analyst, Vivek Arya, reiterated his Buy rating on shares of NVIDIA (NASDAQ: NVDA) and raised his price target to $300 from $275 after the company reported $2.9bn in sales surging 34% y/y, or $241mn/10% ahead of consensus. The analyst estimates. about half of the upside came from crypto-mining (11% of sales in Q4 vs 8% in prior quarter).
The analyst stated "We sense NVDA was capacity constrained during the quarter, which likely kept lid on more strength in the PC gaming segment. For Q1, NVDA’s $2.9bn sales outlook is $460mn/19% ahead of cons, and likely indicates improved availability of gaming cards that helps offset normal seasonality".
Shares of NVIDIA closed at $217.52 yesterday.
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