Rosenblatt is getting more bullish on Nvidia , hiking its price target on the chip giant to a Street high ahead of next week's earnings release.
Analyst Hans Mosesmann lifted his price target on the chipmaker to $800 from $600 a share, reflecting 82% upside from Tuesday's close.
"With unmatched strengths in compilers, libraries, and vertical optimizations, NVDA can overcome hardware specification challenges and drive recurring software revenue streams," Mosesmann wrote in a Wednesday note.
"While early innings, we view NVDA as a high-conviction story thriving amid uncertainty given secular AI, autonomous driving, and metaverse tailwinds."
Mosesmann expects Nvidia to top estimates for the July quarter and anticipates earnings in the upcoming calendar year will range well into the high teens.
Persons:
Rosenblatt, Hans Mosesmann, Mosesmann, metaverse, — CNBC's Michael Bloom
Organizations:
Nvidia