Citi analyst Atif Malik raised the firm’s price target on Nvidia to $305 from $245 and keeps a Buy rating on the shares. The analyst lifted the target with a "bull case" of $400 per share on accelerating generative artificial intelligence adoption based on multiple cloud service providers like Amazon Web Services, Microsoft, Alphabet, and Baidu comments this week. Despite macro concerns, hyperscalers are prioritizing cloud capex spending on a broad set of generative use cases, the analyst tells investors in a research note. The firm views Nvidia’s flagship GTC conference next week to be a key event to showcase the future of generative AI for the industry. It moved its valuation basis for Nvidia to 2025 to reflect growing confidence in generative AI adoption.
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Published first on TheFly
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