NVIDIA (NVDA) PT Raised to $1,100 at Barclays
Barclays analyst Blayne Curtis raised the price target on NVIDIA (NASDAQ: NVDA) to $1,100.00 (from $850.00) while maintaining a Overweight rating.
The analyst comments "Asia checks point to NVDA DC GPU unit upside potential close to 10% in the April quarter (vs. run rate) and just over 20% in the July quarter as capacity continues to come online. In recent checks, the supply chain continues to expect about the same unit upside for April and July, but we believe the company can capture incremental revenue upside due to pricing on H200, which will start shipping in the July quarter. B-series hand off still expected later in the year, likely Q4. Looking into next year, the supply chain continues to expect GB systems to launch ahead of standalone Blackwell GPUs and expects H-series to continue to be a healthy portion of overall mix into next year, in-line with management commentary from our facility visit last quarter (note here). While investor concerns through the quarter have largely centered on a potential air pocket in the middle of the year ahead of the Blackwell launch, we still do not see evidence of this occurring, with the tone from our checks remaining mostly unchanged. All in, checks continue to point to >$1B in upside in April and $2B in July. We see DC ahead in April and now believe the segment ultimately comes in closer to $23B (with ~$3.5B coming from MLNX) vs. St. of $21.1B. For July, we see additional DC upside and expect there to be enough upside for DC revenue of $24.5B (vs. St. $22.8B, with a MLNX contribution of ~$3.75B). Looking forward, the next major step up in revenue will be from the ramp of the GB200. The company intra-Q spoke very positively of the total mix moving towards the complete GB200 solution for hyperscalers, and we don’t believe this mix shift is fully appreciated."