The near-term growth story for Nvidia remains promising amid ongoing demand for artificial intelligence processors, according to Morgan Stanley.
The Wall Street investment bank raised its price target to $750 from $603 and reiterated an overweight investment rating ahead of the dominant AI chipmaker's quarterly earnings release set for Feb. 21.
The new price target suggests about 10% upside from Nvidia's current levels.
Nvidia remains in a strong position and is comfortable with the competitive dynamic in the chips market, according to Moore.
"Longer term, cloud commentary is encouraging, but we do continue to budget for a plateau in 2025," Moore said.
Persons:
Morgan Stanley, Joseph Moore, Moore, — CNBC's Michael Bloom
Organizations:
Nvidia, NVDA