Nvidia, a leading player in the accelerated computing market, began trading after its 10-for-1 stock split on June 10, 2024. The graphics chip leader received price-target hikes from three Wall Street analysts: Barclays, Susquehanna Financial Group, and TD Cowen. These firms believe that Nvidia's sales opportunity from sovereign nations buying its AI chips will accelerate significantly next year.
Barclays analyst Tom O’Malley raised his price target on Nvidia stock to 145 from a split-adjusted 120, reiterating his overweight rating. He sees incremental sales from sovereign nations as a significant market opportunity for Nvidia.
Susquehanna Financial Group analyst Christopher Rolland upped his price target on Nvidia stock to 145 from 120 on a split-adjusted basis, maintaining his positive rating. He is confident in the smooth transition to B100 AI processors for data centers in the second half of 2024.
TD Cowen analyst Matthew Ramsay maintained his buy rating on Nvidia stock and increased his price target to 140 from 120. He sees Nvidia as the leader in accelerated computing.
Despite these bullish predictions, Goldman Sachs downplayed the hype surrounding Nvidia's stock split, viewing its impact as minimal. However, some chip designer may come up with an even better way to be useful in the AI ecosystem and challenge Nvidia's dominance.
Nvidia stock is on several IBD lists: IBD 50, Big Cap 20, Sector Leaders and Tech Leaders. It is also one of the Magnificent Seven stocks.
