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NVIDIA (NVDA) PT Lowered to $800 at UBS, 'AI Still Early Innings'

February 22, 2024 2:40 AM

UBS analyst Timothy Arcuri lowered the price target on NVIDIA (NASDAQ: NVDA) to $800.00 (from $850.00) while maintaining a Buy rating.

The analyst comments "Results + guidance both beat Street by $2B (consistent with last Q) and the demand commentary around the new B100 (launching a month from now at GTC, shipping early CQ3) was strong. We could argue the guidance was only in-line or even a little below some of the pre-call bogeys, but NVDA is often somewhat conservative as it approaches product transitions and besides, it has beaten on revenue by ~$2B each of the past 3Qs which would put it at the top end of numbers we heard pre-call. There were a few items that could maybe suggest some slowing revenue growth on the horizon (mostly supply and opex) but we will have to see how these evolve. The bottom line is that we are still in such early stages of what is possible with AI (especially health care/drug discovery) and NVDA is the de-facto global AI platform, it seems too soon to take a more cautious view. We are trimming estimates a bit to reflect some potential slowing in revenue growth and price target goes from $850 to $800 but we maintain our Buy. "


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