A shift toward higher-priced graphics processing units could further boost shares of Nvidia , according to KeyBanc.
The firm raised its price target on the semiconductor maker to $750 from $670, implying a potential upside of 67% from Monday's close.
Nvidia has been the poster child for this year's artificial intelligence-fueled run, rallying more than 200% during that time.
NVDA YTD mountain NVDA ytd chart "We are seeing improving demand trends in smartphones, where multiple supply chain partners are seeing rush orders, and in PCs, where 3Q PC shipments are slightly better.
Although near-term supply remains tight for Nvidia, Vinh still sees moderate upside to the firm's estimates given capacity expansions and strong demand for its L40S graphics processing unit.
Persons:
KeyBanc, John Vinh, Vinh, — CNBC's Michael Bloom
Organizations:
Nvidia
Locations:
Monday's, Evs, 2H24, 4Q24