NVIDIA Corporation NVDA is up 103 percent year to date, but by some assessments, it can do even better.
The chipmaker has its hand in the burgeoning operations of automakers, data centers, cryptocurrency miners, virtual and augmented reality developers, and game manufacturers — each of which are considered in mere infancy.
The Expert
Loup Ventures managing partner Gene Munster maintains a positive outlook on Nvidia, but the firm does not issue ratings or price targets.
The Thesis
With strong, eSports-driven demand in gaming, widespread adoption of artificial intelligence, an impending ramp in autonomous vehicle production, and expected growth in cryptocurrency mining and augmented and virtual reality development, Nvidia is sitting pretty.
“Betting on Nvidia is betting on frontier technologies, and Nvidia has planted seeds in numerous areas that we are optimistic about,” Munster wrote in a Monday note.
He anticipates additional stock upside with 20-percent five-year annual revenue growth, in spite of competition from Intel Corporation INTC and Advanced Micro Devices, Inc. AMD.
“Nvidia will continue to be the dominant component supplier in various spaces,” he wrote.
Price Action
Nvidia continues to trade near its all-time high struck mid-November. At time of publication, the stock was trading at $216.13.
Related Links:
Chowdhry: Betting Against Nvidia Is 'Insane' And Stupid
What Wall Street Thinks Of Nvidia's Huge Quarter
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.