Nvidia (NVDA) could be one of the biggest winners of 2023.
Since the year began, the tech exploded from $140 to $278.44, and we still believe it could hit $300 a share, as we’ve noted. All thanks to the booming AI story.
For one, Chief Executive Jensen Huang told analysts that activity around Nvidia’s AI infrastructure “has gone through the roof” since the public debut of Open AI’s ChatGPT, as noted by MarketWatch.com. That being said, analysts at Rosenblatt say NVDA’s AI play will have “disruptive implications” for the world at large.
Two, Goldman Sachs upgraded NVDA to a buy rating on the accelerating AI story. “We believe the acceleration in AI development/adoption across cloud hyper scalers as well as enterprises will, if anything, serve to extend the company’s leadership position as customers with any sense of urgency will lean on solutions that are scalable and available today,” Goldman said.
Three, Piper Sandler just reiterated its overweight rating on the NVDA stock with a $300 price target, too. “We feel that [Nvidia’s] business will continue its acceleration as the year rolls on due to the existing tailwinds relating to AI and data-center expansion,” noted the firm. “Throughout our conversations, we continue to find that the key differentiator for Nvidia is the CUDA platform and how it integrates with the surrounding NVDA infrastructure.”
Four, even HSBC just upgraded NVDA, “shocked by Nvidia’s pricing power that we see driving earnings upside, higher valuation,” as noted by Yahoo Finance. The firm currently has a buy rating on the NVDA stock, with a price target of $355 from $175.
At this pace, $350, even $400 may not be out of the question for NVDA this year.