Nvidia price target raised to $240 from $200 at Barclays

Barclays analyst Tom O’Malley raised the firm’s price target on Nvidia (NVDA) to $240 from $200 and keeps an Overweight rating on the shares. The firm now estimates $2 trillion of artificial intelligence capacity additions by the end of the decade. When tracking AI capacity additions over the long term, total addressable market expectations “don’t seem so outlandish anymore” and Nvidia “looks like the most interesting name in our group,” the analyst tells investors in a research note. Barclays says its price target represents 30-times an implied earnings per share of $7.85 when adding in $35B in revenue for Nvidia’s recent OpenAI announcement.