Citi analyst Atif Malik maintained a Buy rating on Nvidia (NVDA – Research Report) today and set a price target of $180.00.
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Atif Malik has given his Buy rating due to a combination of factors that highlight Nvidia’s strong financial performance and future growth prospects. Nvidia’s recent quarterly results exceeded expectations, particularly in the context of the China H20 ban transition, with sales figures surpassing forecasts. This performance, coupled with the company’s ability to maintain high gross margins, suggests a positive outlook for the stock.
Furthermore, upcoming events such as Citi’s Silicon Valley Bus Tour and GTC Paris are anticipated to act as catalysts for the stock, potentially driving further interest and investment. Nvidia’s focus on AI, including significant opportunities in AI factories and data centers, underpins the company’s growth strategy. The projected increase in GPU unit sales and the favorable product mix are expected to contribute significantly to revenue growth, reinforcing the Buy rating with a target price increase to $180.
According to TipRanks, Malik is a top 25 analyst with an average return of 28.3% and a 68.29% success rate. Malik covers the Technology sector, focusing on stocks such as Nvidia, Apple, and Arista Networks.
In another report released today, Stifel Nicolaus also reiterated a Buy rating on the stock with a $180.00 price target.