Nvidia price target raised to $1,200 from $1,100 at KeyBanc

KeyBanc raised the firm’s price target on Nvidia (NVDA) to $1,200 from $1,100 and keeps an Overweight rating on the shares following quarterly supply chain findings. The firm sees positive implications for Nvidia with supply chain feedback indicating GB200 with ASPs of $1.5M-$2M are expected to become a mainstream configuration in 2025 and could generate as much as $90B-$140B in revenues in of itself; from a capacity perspective, hearing Nvidia is looking to double its CoWoS capacity at TSMC (TSM) next year in 2025 to 300K interposers; and demand for H20 in China being much higher than anticipated and could contribute $9B-$12B in incremental revenues this year.