Nvidia's Future Has More Than Meets the Eye in AI Growth: Morgan Stanley
Portfolio Pulse from Anusuya Lahiri
Morgan Stanley analyst Joseph Moore has reiterated an Overweight rating on Nvidia Corp (NVDA) and increased the price target to $750 from $603, citing significant growth and robust near-term results. Despite initial concerns, Nvidia's valuation and demand for GPU cloud instances indicate exceptional results in the coming quarters. Advanced Micro Devices, Inc (AMD) and Super Micro Computer, Inc (SMCI) also contributed to Nvidia's strong performance. Moore projects FY24 revenue and EPS significantly higher than previous estimates.
February 07, 2024 | 7:10 pm
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NEUTRAL IMPACT
AMD is mentioned as a secondary AI entity alongside Nvidia, indicating its involvement in the AI and chip sectors but with less direct impact from this news.
While AMD is mentioned as part of the competitive landscape in AI and chips, the news focuses more on Nvidia, suggesting a neutral short-term impact on AMD's stock.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
SMCI is noted as a secondary AI entity in the context of Nvidia's growth, indicating its participation in the AI and chip markets but with a neutral impact from this specific news.
SMCI's mention as a secondary AI entity suggests its involvement in the sector, yet the focus on Nvidia implies a neutral short-term impact on SMCI's stock.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Morgan Stanley's Joseph Moore has increased Nvidia's price target to $750 from $603, highlighting strong growth and demand for GPUs, indicating a positive outlook for Nvidia.
The increase in Nvidia's price target by a reputable analyst due to strong growth and demand for GPUs suggests a positive short-term impact on NVDA's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100