Analysts at TD Cowen assert that the Nvidia Corporation NVDA stock still has significant growth potential, following a revision of their price target on the semiconductor firm.
As reported by Barron’s, the analyst team led by Matthew Ramsay upheld their Outperform rating on Nvidia. They have also escalated their price target to $700 from the previously projected $600.
Nvidia’s shares were ascending by 0.8% to $461.50 during pre-market trading. This new price prediction suggests that Nvidia’s shares could rise by an additional 50%.
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The elevated optimism surrounding Nvidia is the result of a week-long series of investor meetings that featured the company’s founder and CEO, Jensen Huang, as well as CFO Colette Kress.
TD Cowen analysts noted, “We believe the industry is in the early innings of two transformational paradigm shifts toward ubiquitous acceleration and generative artificial intelligence, with Nvidia's wide moat potentially expanding.”
Nvidia’s stock has seen a significant surge this year, gaining over 200% prior to Wednesday’s trading session. Despite this impressive growth, TD Cowen analysts believe this upward trajectory can be sustained. They attribute this to Nvidia’s “superior technology, long pedigree of innovation, and extensive growth-oriented investments.”
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