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18/06/24
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Rosenblatt Raises NVDA Price Target To $200, A New Wall Street High
On Tuesday, analysts at Rosenblatt Securities increased their Nvidia stock price target to $200 from $140. This represents a new high on Wall Street.
The investment bank’s analysts said in a note they saw Nvidia’s Rubin, Blackwell, and Hopper series of chips driving value market share in one of the most successful product cycles of silicon / platform in Silicon Valley.
Rosenblatt’s team highlighted that although future gains were promising in adjacent Data Processing Unit (DPU) and networking Switch, Network Interface Card (NiC) shares, the real benefit was in the software that improves the capabilities of the hardware.
The analysts expect the software aspect will increase in the overall sales mix significantly during the next decade, and this would impact valuation positively due to its sustainability.
This led to them projecting that Nvidia would by 2026achieve $5.00 EPS or more. Due to this, and their existing 40x price-to-earnings (P/E) multiple for valuation, analysts have increased their price target for the stock.
NVDA stock earlier this month began to trade on a split-adjusted basis. The company’s shares have since then risen by about 8%.
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