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Nvidia Analysts Upbeat Following ‘Impressive’ Q3 Results, Shrug Off Looming Data Center Softness

Nvidia Corporation (NASDAQ: NVDA) reported strong quarterly results and issued above-consensus guidance for the fiscal fourth quarter.

The Nvidia Analysts: Needham analyst Rajvindra Gill maintained a Buy rating and $700 price target on Nvidia shares.

Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating and increased the price target from $575 to $605.

Raymond James analyst Chris Caso reiterated an Outperform rating and lifted the price target from $500 to $600.

KeyBanc Capital Markets analyst Weston Twigg maintained a Sector Weight rating.

RBC Capital Markets Mitch Steves maintained an Outperform rating and $610 price target.

Rosenblatt Securities analyst Hans Mosesmann reiterated a Buy rating and raised the price target from $600 to $650.

Wells Fargo Securities analyst Aaron Rakers maintained an Overweight rating and $605 price target.

Q3 Boosted By Gaming, Data Center: Nvidia’s results were driven by gains in Gaming, thanks to very high demand for its new 3000 series GPUs based on 7 nanometer Ampere architecture and record Data Center revenues, Gill said in a note. Hyperscaler demand was extremely strong as A100 continues to ramp.

Going into 2021, inference represents the next leg to the growth story in data center where the vast majority of AI inference is done by CPUs.

“We believe GPUs are a superior option (100-200x faster) that CPUs, and we expect accelerated adoption of GPU-based accelerators, specifically with recommender engines and NLP,” the analyst wrote in the note.

Once supply constraints on gaming GPUSs eases, Nvidia’s top line could see even more rapid growth. Needham raised its 2022 EPS estimate to …

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