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Several major Wall Street shops have already beefed up their price targets on the chipmaker heading into the event, with HSBC and Truist joining the flood on Monday. NVDA 1Y mountain Nvidia share performance over the last year According to FactSet, the current consensus price target on Nvidia implies about 4% upside, with 90% of analysts holding a buy or overweight rating. Stein boosted the firm's price target to $1,177 from $911 a share, reflecting 34% upside from Friday's close. "We are encouraged by Nvidia's AI product roadmap which focuses on moving beyond GPUs and towards owning the entire value chain." Wall Street turns more bullish HSBC and Truist may be the latest Wall Street shops to up estimates heading into the GTC Conference, but they are far from the first.
Persons: FactSet, William Stein, Stein, HSBC's Frank Lee, Blackwell, America's Vivek Arya, Cantor Fitzgerald's C.J, Muse, — CNBC's Michael Bloom Organizations: Nvidia, Bank of America, Wall Street, HSBC, Truist, GTC, Bank, America's, NVIDIA
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnalyst says Nvidia has 'significant amount of upside,' but gives his bear caseWilliam Stein, technology/industrials equity research analyst at Truist Securities, says "the bear case in the stock and the concern that one might have is that … we're going to see a normal cycle at some point, when lead times for products are a year or thereabouts, perhaps even longer. Customers tend to over-order, then at some point they get delivered, and then they start canceling orders and you see a downturn."
Persons: William Stein Organizations: Nvidia, Truist Securities
Several analysts hiked their price targets for the stock to show they expect greater upside ahead after the latest financials. Below, CNBC Pro compiled a list of major investment firms that raised their price targets following the Nvidia report, along with their key conclusions: Goldman Sachs Analyst Toshiya Hari raised the price target by $20 to $625. Morgan Stanley Analyst Joseph Moore added $3 to his price target, bringing it to $603. BMO Capital Markets Like JPMorgan, BMO analyst Ambrish Srivastava hiked his target price by $50 to $650. Bernstein Analyst Stacy Rasgon increased his target price by $25 to $700, equating to 40% upside over the coming year.
Persons: Jensen Huang, chalked, Goldman Sachs, Toshiya Hari, Harlan Sur, Morgan Stanley, Joseph Moore, Aaron Rakers, Vivek Arya, Timothy Arcuri, NVDA, Ambrish Srivastava, Grace Hopper, Ruben Roy, Bernstein, Stacy Rasgon, Vijay Rakesh yanked, 2024E, INTC's, William Stein, Michael Bloom Organizations: Nvidia, CNBC Pro, Center, Foundry Service, JPMorgan, NVIDIA, " Bank of America, NVDA, UBS, BMO, Markets, AMD Locations: China, Tuesday's, CY24, CY25
Elon Musk's multiple ventures and the relationships between them are facing increased scrutiny as the Tesla CEO continues to add more to his plate. Can you talk about how xAI might overlap, might perhaps compete with Tesla or in other ways perhaps it enhances the value of what Tesla does?" Musk previously enlisted Tesla, SpaceX and The Boring Co. employees to assist him with his Twitter takeover, as CNBC reported. At least one senior Tesla employee has jumped ship to Musk's X Corp., the parent company of Twitter. Among these, Tesla revealed that "Twitter is party to certain commercial and support agreements with Tesla.
Persons: Elon, William Stein, Musk, Google Bard, OpenAI's ChatGPT, Stein, Tesla, Charles Kuehmann, Sen, Elizabeth Warren, He's, funder, Batura Organizations: Google, Tesla, Apple, SpaceX, Securities and Exchange Commission, Twitter, Co, CNBC, X Corp Locations: Nevada
Truist Securities downgraded its investment opinion on Tesla because of the electric vehicle maker's willingness to cut prices and accept lower profit margins. The firm now views Tesla as a hold, down from a buy rating, and slashed its per share price target 37% — to $154 rom $245. Tesla reported disappointing earnings on Wednesday, noting a 24% decline in net income compared to the year ago period. TSLA YTD mountain Tesla stock is slightly higher so far Friday after a disappointing earnings report on Wednesday. Chief executive Elon Musk told investors on the company's earnings call that Tesla is focusing instead on building a bigger fleet of vehicles as opposed to higher margins.
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