Nvidia, the AI chipmaker, commenced trading following its 10-for-1 stock split and received price-target upgrades from three Wall Street analysts. The stock of Nvidia saw an increase in value due to this development. Barclays, Susquehanna, and TD Cowen all raised their price targets for the leading graphics-chip company.
Barclays analyst Tom O’Malley adjusted his price target for Nvidia stock to 145 from a split-adjusted 120, while maintaining his overweight, or buy, rating on the stock. O’Malley mentioned that the price increase reflects the potential sales growth for Nvidia from countries purchasing its AI chips, with expectations of significant acceleration in that market next year.
On the current stock market, Nvidia’s stock rose by 0.8% to close at 121.79. Susquehanna Financial Group analyst Christopher Rolland also raised his price target for Nvidia stock to 145 from 120 on a split-adjusted basis, while keeping a positive rating on the shares. Rolland mentioned that supply-chain checks indicate a smooth transition to Nvidia’s B100 AI processors for data centers in the latter half of 2024.
TD Cowen analyst Matthew Ramsay maintained his buy rating on Nvidia stock and increased his price target to 140 from 120, emphasizing Nvidia’s position as a leader in accelerated computing.
