Evercore ISI analyst Mark Lipacis raised the firm’s price target on Nvidia (NVDA) to $225 from $214 and keeps an Outperform rating on the shares following the company’s deal with OpenAI. After speaking with Nvidia’s CFO, Evercore has further confidence that the company remains the artificial intelligence “ecosystem play of choice and that Street estimates are too low. It reiterates Nvidia as a top pick. Nvidia is the preferred supplier to OpenAI, which underestimated demand for its solution and wants to get ahead of demand going forward, the analyst tells investors in a research note. Evercore sees Nvidia as “uniquely positioned” as the scale solution provider that could help OpenAI with its infrastructure buildout.
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