Analyst Stays Bullish On Nvidia, Citing Strong Demand And Supply Shortage
Portfolio Pulse from Anusuya Lahiri
Wedbush analyst Matt Bryson remains bullish on Nvidia Corp (NASDAQ:NVDA), reiterating an Outperform rating with a $600 price target. Bryson cites strong demand and a supply shortage that is expected to continue into 2024-2025. Despite potential shortfalls in the near term, unfulfilled demand is seen as an opportunity for future shipments. Conversations with the Taiwanese supply chain indicate a surge in AI server builds, benefiting Nvidia. Bryson also notes Nvidia's success in shipping networking technology alongside GPUs and does not see Nvidia's market dominance being challenged soon. He projects Q3 and Q4 revenues and EPS above consensus estimates.
November 17, 2023 | 6:39 pm
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Wedbush analyst Matt Bryson reiterates a bullish stance on Nvidia, with a $600 price target, due to strong demand and supply shortages expected to persist. He projects higher Q3 and Q4 revenues and EPS than consensus, indicating confidence in Nvidia's continued market dominance and growth.
The analyst's bullish stance and higher-than-consensus earnings projections suggest a positive outlook for Nvidia's stock in the short term. The supply shortage, while a challenge, is seen as a temporary issue with the unmet demand providing a backlog of business for future quarters. The confidence in Nvidia's AI server builds and networking technology shipments further supports the stock's potential for growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100