Analyst Joseph Moore of Morgan Stanley maintained a Buy rating on Nvidia (NVDA – Research Report), retaining the price target of $162.00.
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Joseph Moore has given his Buy rating due to a combination of factors including Nvidia’s potential for strong forward-looking revenues despite recent challenges. The abrupt restrictions on the H20 product by the US government, which require new licensing for exports to China, have led to a significant inventory writedown. This writedown, although a cautionary signal, indicates that Nvidia had higher expectations for future revenues, suggesting a robust demand for their products.
Despite the immediate disruptions caused by these export controls, Moore remains optimistic about Nvidia’s long-term prospects. The company’s ability to reroute supply and the continued bullish outlook on their Blackwell product line contribute to this positive assessment. While Moore has trimmed estimates for the coming quarters to remain conservative, the overall expectation of higher revenues from H20 and the resilience of Nvidia’s product offerings underpin the Buy rating.
In another report released today, UBS also maintained a Buy rating on the stock with a $185.00 price target.