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Goldman Sachs (NYSE: GS) analyst has raised the price target for Nvidia (NASDAQ: NVDA) stock, citing the company’s strong competitive position in the artificial intelligence (AI) sector. The investment banking giant lifted the price target from $135 to $150, driven by expectations that the chipmaker will benefit from the increasing complexity of artificial intelligence (AI) workloads. In a note on October 14, analyst Toshiya Hari stated that the stock has more upside potential due to its ability to capitalize on the expanding compute requirements associated with more sophisticated AI models. The update follows Nvidia’s recent investor presentation, where the company outlined how the growing sophistication of AI reasoning will require increased computing power. Nvidia highlighted several factors driving this trend, including the scaling of training, compute for larger models, multimodal applications, reinforcement learning, and synthetic data generation.  At the same time, the bank initially provided estimates for the chipmaker’s revenue for the FY2026/27 period, raising the targets by 7%. The analysts stated that this guidance was due to higher cloud capital expenditures, strong AI server order trends, and an improved outlook for CoWoS (Chip-on-Wafer-on-Substrate) production at TSMC. More analysts turn bullish on NVDA stock  Similarly, Citi (NYSE: C) analyst Atif Malik reiterated a “Buy” rating and a $150 price target for Nvidia on October 14. Malik highlighted the coexistence of GPUs and ASICs in building AI infrastructure, with GPUs playing a vital role in training and inference for complex models, while ASICs cater to more specialized use cases. “We estimate Nvidia GPU compute sales to grow 118% and 84% year-over-year in calendar years 2024 and 2025, respectively, with hyperscaler sales increasing 100% and 67% during the same period,” Malik noted. Citi also foresees Nvidia’s GPUs representing 31% of U.S. cloud provider capital expenditures in 2024, rising to 35% in 2025.…

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Filed under: News - @ October 14, 2024 4:26 pm