Nvidia Analysts Raise Price Targets Ahead Of Q4 Print
NVIDIA Corporation (NASDAQ:NVDA) is scheduled to report fiscal year 2020 fourth-quarter results Thursday after the market close.
The Nvidia Analysts
Susquehanna Financial Group analyst Christopher Rolland maintained a Positive rating on Nvidia and lifted the price target from $285 to $310.
Jefferies analyst Mark Lipacis maintained a Buy rating and raised the price target from $255 to a Street-high $315.
Susquehanna's Takeaways On Nvidia
Street expectations for Nvidia appear quite reasonable, given the consensus has baked in sub-seasonal growth for the fourth quarter as well as the first quarter of calendar year 2020, analyst Rolland said in a Wednesday note.
"Results from DC peers align with constructive commentary from NVIDIA when we met with them at CES, where they stressed improving visibility from DC customers."
Despite Intel's cautious first-quarter data center guidance, Rolland said he believes Nvidia should see strength due to expectations that the new data center GPUs the company is likely to launch in 2020 will reaccelerate growth.
Looking ahead, Susquehanna is bracing for conservative guidance for the first quarter despite the largely positive data points across Nvidia's business, given the potential of the COVID-19 outbreak to impact demand and cause supply chain disruptions.
"Overall, we believe that NVIDIA is well positioned to outperform peers in C2020 as they are set to benefit from a litany of upcoming 7nm launches throughout the year," Rolland said.
NVDA Price Action
Nvidia shares were rising by 1.24% to $271.20 at the time of publication.
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