Despite the recent sell-off, Morgan Stanley remains confident in Nvidia in the long run.
Analyst Joseph Moore reiterated his $500 price target on the chipmaker, implying the stock stands to gain 22.4% from Friday's price.
The firm expects a "healthy upside" to Nvidia's revenue, Moore said, adding that the company's guidance for $4 billion last quarter was the largest single increase in one quarter in semiconductor history.
Moore anticipates $500 million to $1 billion of revenue upside to guidance for the July quarter, bringing quarterly revenue between $11.5 billion and $12 billion.
Nvidia recently surged past a $1 trillion market cap, making it the fifth-most valuable U.S. company.
Persons:
Morgan Stanley, Joseph Moore, Moore, ChatGPT —, — CNBC's Michael Bloom
Organizations:
Nvidia
Locations:
U.S