Nvidia (NASDAQ:NVDA) stock is in the green today after one Morgan Stanley analyst raised its price target on Nvidia following the release of “robust” data.
What do you need to know about NVDA stock lately?
Well, according to Morgan Stanley analyst Joseph Moore, recent checks from Taiwan and China have reaffirmed the investment bank’s faith in the chipmaker.
“The data points that we talked about in our two Asia notes, as well as our US checks, remain robust,” Moore noted, per SeekingAlpha. “That said, it is clear that we are at the tail end of the Hopper cycle, and the frothiness and visibility is lower than it was – and given the enthusiasm that we are hearing for Blackwell, lower than it will be.”
Specifically, the analyst was impressed by continued demand for Nvidia’s Hopper products, which include its H100 and H200 GPUs. These GPUs are used extensively in generative artificial intelligence (AI) and high-performance computing, especially in the data centers. Moore estimates sales of both products will remain solid in both Taiwan and China.
Moore raised his price target to $144 per share from $116 while maintaining an “overweight” rating. This represents roughly 16% upside from NVDA stock’s current $124 price tag.
Moore also raised its earning expectations for the company, estimating Nvidia will earn $3.34 per share on a GAAP basis and $3.53 per share on an adjusted basis. That’s up from previous estimates of $2.91 per share and $3.10 per share, respectively.
NVDA Stock Continues to Climb in Record Year for Chipmaker
While NVDA certainly wasn’t in desperate need for more good news, today’s report only adds to the company’s win streak this year.
Indeed, NVDA stock is up a staggering 158% so far this year as a result of shockingly strong earnings numbers and a general AI frenzy on Wall Street.
Nvidia even overtook the likes of Microsoft (NASDAQ:MSFT) at one point this year to become the most valuable company in the world by market capitalization.
With AI only continuing to gain more prominence in the tech world, Nvidia remains a favorite of many analysts, including Moore.
On the date of publication, Shrey Dua 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
