Piper Sandler analysts, led by Harsh Kumar, have turned even more bullish on Nvidia (NASDAQ:NVDA), predicting the stock has room to climb further despite potential semiconductor sales restrictions to China. Kumar’s team bumped their price target up from $440 to $450 following an event with Nvidia’s top brass. Although this boosted confidence seemed to ripple through premarket trading, NVDA stock has since given up those gains and is in the red at the time of writing.
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2023 has been a landmark year for Nvidia, primarily fueled by the promise of artificial intelligence’s escalating demand for the company’s high-tech chips. The stock’s robust 186% growth since the year’s start propelled Nvidia to be the first among its peers to hit a whopping $1 trillion market cap earlier this month. According to Piper Sandler, Nvidia execs remain optimistic that proposed restrictions on advanced semiconductor sales to China will not derail their sales in the short term. They’re banking on their leaps in network computing and cloud technology to give them the competitive edge they need to thrive.
Overall, analysts have a Strong Buy consensus rating on NVDA stock based on 29 Buys, two Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $466.22 per share implies 14.3% upside potential.