Daiwa analyst Louis Miscioscia upgraded Nvidia (NVDA) to Outperform from Neutral with a price target of $475, up from $408, following the firm’s tech tour and checks. The firm has a higher level of confidence that Nvidia’s commanding position for AI, and Generative AI, will be difficult to replicate near term by the competitors such as AMD (AMD), Intel (INTC) and others given the company’s library of programming support, familiarity and developer support, and full stack solution of GPUs, Infiniband networking and support software like AI Enterprise/Omniverse, the analyst tells investors in a research note. The prior neutral rating was due to concern of weak cloud and Enterprise hardware demand in 2023 and data points and results support this view, Daiwa states, though it also believes that it got “massively wrong” how successful and important Generative AI would be to the world.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on NVDA:
- The AI Leader: Nvidia’s Edge Over AMD and Intel
- Keep on Buying Nvidia Stock Despite Potential Export Restrictions, Says Morgan Stanley
- Microsoft, Nvidia Pour Cash into Startup Inflection AI
- FTC: Generative AI raises competition concerns
- Ellison says Oracle spending ‘billion’s on Nvidia semis in 2023, Reuters says
