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NVIDIA (NVDA) PT Raised to $910 at Stifel, 'AI Growth Continues to Impress'

February 22, 2024 2:41 AM
(Updated - February 22, 2024 4:39 AM EST)

Stifel analyst Ruben Roy raised the price target on NVIDIA (NASDAQ: NVDA) to $910.00 (from $865.00) while maintaining a Buy rating.

The analyst comments "NVDA delivered on high expectations with acceleration in DC segment revenue (+409% y/y) and a robust outlook to start F2025 despite significantly reduced sales into the China geography. NVDA noted that while supply of its products and platforms has improved, demand remains ahead of supply for new products (H200, B100 etc.). Importantly, networking, which we have cited as a key strategic component of NVDA’s AI dominance, has now surpassed a $13 billion annual revenue run-rate. The company also expects a multi-billion dollar opportunity to emerge for its recently launched GH200 Superchip systems and is gaining traction with the DGX Cloud initiative and new software and services offerings. Perhaps most notably, NVDA broke out a rough estimate of AI-Inference related revenue at 40% of overall Data Center segment revenue in F2024. We continue to view NVDA as the best positioned supplier into AI computing and networks regardless of the workload."

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