Nvidia Stock Has 38% Upside, According to 1 Wall Street Analyst
Nvidia (NASDAQ: NVDA) shares have rocketed 76% year to date, but the demand for the company's data center chips could still support new highs, according to analysts at KeyBanc.
After digging into Nvidia's supply chain, the firm sees evidence of strong demand for Nvidia's GB200 super chip designed for artificial intelligence (AI). KeyBanc maintained an overweight (buy) rating on the shares but raised the price target from $1,100 to $1,200, representing an upside of nearly 38% over the next 12 months or so from the current share price of around $871.
After a year of 200%-plus revenue growth, Nvidia's data center business is now over three-quarters of the company's revenue. The company won't maintain that level of growth forever, but Wall Street expects revenue to remain robust over the next few years.
Source Fool.com
