NVIDIA (NVDA) PT Raised to $670 at KeyBanc, 'Gen AI Lives Up to the Hype'

August 24, 2023 12:22 AM

(Updated - August 24, 2023 5:17 AM EDT)

KeyBanc analyst John Vinh raised the price target on NVIDIA (NASDAQ: NVDA) to $670.00 (from $620.00) while maintaining a Overweight rating.

The analyst comments "NVDA reported F2Q results and F3Q guidance well above expectations. Data center revs grew over 170% y/y in F2Q and are expected to increase to $12.7B (+230% y/y) in F3Q as demand from cloud, consumer internet, and enterprise remains robust. Additionally, supply is expected to increase every quarter through next year, while demand visibility also extends into next year. Finally, NVDA indicated the L40S GPU is ramping and not constrained by CoWoS supply. As such, we're raising estimates and our PT to $670 and remain Overweight. Our PT is based on 35x our FY25 EPS of $19.08."

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NVIDIA (NVDA) PT Raised to $670 at KeyBanc, 'Gen AI Lives Up to the Hype'

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