Raymond James raised the firm’s price target on Nvidia to $1,100 from $850 and keeps a Strong Buy rating on the shares. Raymond James walked away from investor meetings with incremental conviction on Gen AI demand, Blackwell GPU ramps, and the company’s full-stack leadership and believes concerns regarding a potential pause in customer spending ahead of Blackwell ramps are unwarranted as Inferencing demand continues to outpace GPU supply, the analyst tells investors in a research note. The firm expects H200 to be a key near-term driver followed by B100/B200 ramps in 2H24.
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