Analysts Boost Price Targets for Nvidia as GTC Event Persists

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Analysts Boost Price Targets for Nvidia as GTC Event Persists

Nvidia’s (NVDA) AI conference has entered its second day, with Wall Street analysts reacting positively to the company’s unveiling of new products. Major firms such as Wells Fargo and Goldman Sachs have raised their price targets on Nvidia’s stock. Analysts from prominent institutions like JPMorgan, Bank of America, and AB Bernstein have issued bullish reviews, with the latter playfully remarking, “Move over Taylor Swift, you’re not the only one that can sell out a stadium.”

Yahoo Finance’s Josh Lipton and Alexandra Canal discuss how Nvidia’s lack of competition fuels investor optimism.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor’s note: This article was written by Angel Smith

Video Transcript

[MUSIC PLAYING]

JULIE HYMAN: Time now for our call of the day. And Wall Street has some positive vibes for Nvidia as it continues its second day of the GTC conference. CEO Jensen Huang revealed the company’s newest and most powerful chip saying it will cost between $30,000 to $40,000. Management has hinted that there’s more products in the pipeline for 2024. And Josh, all that hype has translated to a lot of these banks. Wall Street firms raising their price targets across the board.

We have Goldman Sachs, Wells Fargo, Morgan Stanley, JP Morgan all upping those PTs on the stock. Bernstein even quoted, The one and only Taylor Swift or at least referenced Taylor Swift writing quote, move over Taylor, you’re not the only one that can sell out a stadium. And a lot of these analyst notes just parsing through them, they really focused on the rollout of Blackwell and how this chip is ultimately unmatched. The competitive angle is another one I noticed.

There’s just no competitor currently on the market that can even seem to match NVIDIA’s cadence and obviously the AI hype that we’ve been hearing about over and over again, just a continued story here.

JOSH LIPTO: Yeah. I mean, this stock has been such a monster. I mean, interesting we were talking off camera about the price action today was in the red. Now reversing course. Now it’s back to the flat line competing headlines maybe having some play there. But of course, also you have pull back the chart, up about 80% already this year. Wall Street loves this name. I mean, they continue to nearly 90% of analysts think you should buy NVIDIA even at these levels.

I mean, you rarely see that optimism, Julie, on the street. I think one theme in the notes was what Jensen Huang was saying on stage. He was pounding home this theme that listen, we are a chip giant but we’re a lot more than that. He was focusing on the software and networking making this argument I think that listen we are a platform. And Bulls love that. And you saw that through the notes today, some analysts saying, listen, they looked at the ecosystem and they argued it’s just unmatched at this point.

And hard to stand against you. So you mentioned Bernstein’s Stacy Rasgon. That’s what he was talking about when he reiterated that outperform rating his target is still 1,000.

JULIE HYMAN: Yeah. Ecosystem really a big focus here chips software networking. That’s all increasingly important to investors. So I think it’s just a continued story that will have to be watching.

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