Nvidia Analysts Laud New Products and Growth Outlook - TheStreet

Nvidia Analysts Laud New Products and Growth Outlook

Nvidia shares rose as analysts lauded the semiconductor titan's new products and growth outlook.
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Nvidia  (NVDA) - Get Report shares rose on Tuesday after analysts praised the semiconductor titan as it unveiled new products and issued a strong growth outlook for its data-center market.

The Santa Clara, Calif., graphics-chip specialist made the announcements during a technology conference. 

Nvidia’s shares recently traded at $564.08, up 3.4%. They have well more than doubled year to date. And they have more than tripled since they touched a 52-week low $176.50 almost exactly a year ago.

As for the analyst comments, “Nvidia's pace of innovation appears to be accelerating, and its execution is going into overdrive as it continues to expand its ecosystem and open up a much larger [total addressable market] in the compute landscape,” wrote BMO Capital Markets analyst Ambrish Srivastava.

He rates the stock outperform and increased his share-price target to $650 from $565.

J.P. Morgan analyst Harlan Sur has an overweight rating and raised his share-price target to $605 from $510. Nvidia "continues to execute across all segments,” he wrote in his commentary.

“While the first half [of the year] is typically seasonally weaker than the second half, we expect solid demand in personal-computer gaming to be a strong revenue driver for the company, offsetting PC [original equipment manufacturer], which is in secular decline.”

Morgan Stanley analyst Joseph Moore didn’t provide a rating or share-price target.

But he said Nvidia’s presentation at the conference “had several evolutionary developments, pushing the scope of the company's aspirations -- as well as proof points of recent milestones -- that should point to strong growth from the data center business over the next few years.”