Nvidia price target raised to $270 from $230 at Needham

Needham raised the firm’s price target on Nvidia to $270 from $230 and keeps a Buy rating on the shares. The company’s Q4 results were a "strong" beat and raise, as a rebound in gaming plus accelerated adoption of Hopper aided by ChatGPT-like models are driving the upside by accelerating AI use cases, the analyst tells investors in a research note. The firm further states that Nvidia’s Gaming segment "bounced harder off the bottom" and can reach the $2.5B "true demand" rate in Q2 as channel inventory has been cleared out, adding that it also sees encouraging initial signs in China.