Will Nvidia's Rally Continue After 'Solid' Q4 Print? 6 Analysts Take A Closer Look

Shares of Nvidia Corporation NVDA jumped in Thursday’s premarket session, after the company reported quarterly earnings.

• KeyBanc Capital Markets analyst John Vinh reaffirmed an Outperform rating and price target of $280.
• Rosenblatt analyst Hans Mosesmann maintained a Buy rating and price target of $320.
• Morgan Stanley analyst Joseph Moore reiterated an Equal-Weight rating, while raising the price target from $246 to $255.
• Needham's Rajvindra Gill reiterated a Buy rating, while raising the price target from $230 to $270.
• Susquehanna analyst Christopher Rolland reiterated a Positive rating and price target of $265.
• Bernstein analyst Stacy Rasgon maintained an Outperform rating, while raising the price target from $200 to $265.

Check out other analyst stock ratings.

KeyBanc

• The company’s results were “solid” and management guided higher for the fiscal first quarter, Vinh said in a note.
• “Data center missed due to a pause in cloud, weaker networking, and soft China demand,” the analyst wrote. “This was offset by strong gaming results given strong demand for RTX40 in most regions partially offset by softness in China."

Rosenblatt Securities

• “Nvidia not only beat expectations but confirmed what we believe to be the biggest technology inflection the world may have ever seen in transformational AI everywhere and in everything,” Mosesmann wrote.
• “That Nvidia’s AI vision is openly playing out the day Intel cemented its structural secular decline (cutting the dividend), only highlights a multi-generational shift we have never witnessed,” he added.

Morgan Stanley

“Data center was down 6% in the January quarter, the first negative sequential comparison for data center in 4 years, vs. guidance for slight growth,” Moore said.

“DGX cloud, announced in conjunction with earnings, offers NVIDIA better economics, but we have to see how this evolves,” he added.

Needham

• “NVIDIA reported a strong beat and raise despite elevated expectations heading into the 4QF23 print (+41% YTD),” Gill said.
• “Rebound in gaming plus accelerated adoption of Hopper aided by ChatGPT-like models (accelerate AI use cases) are driving the upside,” he added.

Susquehanna

• “NVIDIA reported generally in-line results but slightly better guidance, as all four segments were guided for growth, led by Gaming and Data Center,” Rolland wrote in a note.
• “In short, this update was better than feared, perhaps indicating the worst for NVIDIA’s business is past,” the analyst added.

Bernstein

• “Sequential growth is expected in all four major segments, led by strong growth in Data center and Gaming,” Rasgon stated.
• “Despite the near-term weakness seen in FQ4, Data center outlook overall seems to be fine, roughly in-line with current expectations and better than peers, and is expected to grow sequentially and YoY as well as accelerate through the year,” he added.

NVDA Price Action: Shares of Nvidia jumped 12.60% to $233.69 during the premarket session on Thursday.

Image courtesy of Nvidia