Nvidia Set for Impressive Q4 On Strong Demand and Product Pipeline Signal: Analyst
Portfolio Pulse from Anusuya Lahiri
Truist analyst William Stein reiterated a Buy rating on Nvidia Corp (NASDAQ:NVDA) with a price target of $691, ahead of its Q4 2023 results due on February 21, 2024. Stein anticipates Nvidia to surpass its performance expectations, continuing its trend of exceeding revenue and EPS forecasts. Nvidia has guided for $20 billion in sales and $4.47 in EPS for Q4 2024. The company's strong demand in its supply chain and innovative product pipeline, including the Grace CPU and H200 GPU, support a bullish outlook despite industry cyclicality concerns. Nvidia's significant sales in AI-related products and services highlight its solid market position. NVDA shares traded lower by 3.43% at $670.55 recently.
February 21, 2024 | 6:05 pm
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Truist analyst William Stein reiterates a Buy rating on Nvidia, with a $691 price target, highlighting strong Q4 demand and a robust product pipeline. Despite a recent 3.43% share price drop, Nvidia's performance and AI market dominance are emphasized.
Nvidia's consistent performance exceeding revenue and EPS expectations, along with strong demand and innovative products like the Grace CPU and H200 GPU, support a positive short-term impact. The company's dominance in AI and substantial market interest further bolster this outlook, despite recent share price volatility.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100