Nvidia (NASDAQ:NVDA) stock is on the move Thursday after the graphics card company’s shares got an increased price target from Raymond James.
This saw the firm’s analysts increase their price target for NVDA stock from $850 per share to $1,100 per share. That’s a potential upside of 26.4% compared to its prior closing price. It’s also above the analyst consensus price prediction of $926.30 per share.
Investors will note that Raymond James maintained its “strong buy” rating for NVDA stock alongside that price target increase. For the record, the analyst consensus rating for NVDA is a moderate buy based on 41 opinions.
What’s Behind the Bull Stance on NVDA Stock?
Here’s what the Raymond James analysts had to say about Nvidia in a note to clients obtained 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.”
NVDA stock is up 1.9% as of Thursday morning.
Investors will find more of the most recent stock market stories ready to go down below!
We have all of the biggest stock market news worth reading about on Thursday! A few examples include an Apple (NASDAQ:AAPL) spyware warning, why Vertex Pharmaceuticals (NASDAQ:VRTX) is rising and more. All of this info is available at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
