Nvidia price target raised to $500 from $450 at Piper Sandler

Piper Sandler raised the firm’s price target on Nvidia to $500 from $450 and keeps an Overweight rating on the shares. The analyst expects Nvidia to “beat estimates across the board” for the July quarter as well as earnings and revenue expectations for the October guidance. The firm sees “several factors” that give it confidence for continued growth in the company’s data center business. It believes estimates for Nvidia have an upward bias, given strong traction at large cloud players, potential traction in enterprise, as well as tailwinds from China.