Source: Ascannio / Shutterstock.com
Nvidia (NASDAQ:NVDA) is in the spotlight today as Raymond James analysts have revised the price target for the company’s stock, fueling investor optimism.
The esteemed analysts bumped up the price target for NVDA stock from $850 to $1,100, signaling a potential 26.4% upside from its previous close. This figure surpasses the analysts’ consensus prediction of $926.30 per share.
Notably, Raymond James reaffirmed its “strong buy” rating for NVDA stock in conjunction with the heightened price target. It is imperative to mention that the consensus rating among analysts for NVDA shares stands at a moderate buy, drawing from 41 distinct viewpoints.
Unpacking the Bullish Sentiment on NVDA Stock
According to a note from Raymond James analysts as reported by Seeking Alpha, “We believe concerns regarding a potential pause in customer spending ahead of Blackwell ramps are unwarranted as Inferencing demand continues to outpace GPU supply. We expect H200 to be a key near-term driver followed by B100 / B200 ramps in 2H24. Our recent conversations in Asia point to a significant mix shift in favor of GB200 NVL systems, which positions NVDA to capture additional share of [data center] capex.”
Previously stagnant, NVDA stock has surged 1.9% on Thursday morning, echoing the positive sentiment driving investor interest.
Curious readers clamoring for the latest stock market shockers can explore more insights below!
From Apple spyware alerts to Vertex Pharmaceuticals rising action, the stock market is a veritable rollercoaster of excitement today. Dive into the thrilling updates at the links below!
Additional Stock Market Highlights for Today
As of the publication date, William White did not hold any direct or indirect positions in the securities referenced in this article. The views expressed are solely those of the author, following the guidelines set by InvestorPlace.com.
Article printed from InvestorPlace Media, https://investorplace.com/2024/04/raymond-james-just-raised-its-price-target-on-nvidia-nvda-stock/.
©2024 InvestorPlace Media, LLC
