Nvidia 's powerhouse run is far from over, according to Loop Capital.
Analyst Ananda Baruah initiated coverage of the chipmaker with a buy rating and Wall Street price target high of $1,200, representing 65% upside from Thursday close.
NVDA 1Y mountain Nvidia shares over the last year "We're gonna party like it's 1995!"
Underpinning Baruah's price target is the belief that Nvidia is at the "front end" of a multiyear cycle as hyperscalers transition to greater graphics processing unit compute.
Heightened IT spending and budgets as companies hunt for ways to harness AI as they convert more data to the cloud should also bode well for Nvidia, Baruah said, noting that budgets are expected to increase to 45% from 30% in 2023.
Persons:
Ananda Baruah, We're, bode, Baruah, — CNBC's Michael Bloom
Organizations:
Nvidia, Capital, AMD