On Wednesday, Nvidia (NVDA) stock saw a slight increase, following a general uptick in chip stocks. Piper Sandler analysts highlighted a significant opportunity to purchase shares of the chip giant, which had dropped more than 25% from its recent peak.
Piper Sandler’s Harsh Kumar emphasized Nvidia’s dominance in the AI accelerator sector and the potential of its next-generation chip. The firm also mentioned the positive impact of the Blackwell architecture set to launch in October, projecting revenue growth until 2025 due to high demand.
With the stock price significantly lower than its previous highs, Piper Sandler sees a great opportunity for investors. The firm has given Nvidia an Overweight rating and set a price target of $140.
Amidst a market downturn on Monday, reports surfaced that Nvidia’s upcoming AI chips could face a three-month delay, potentially affecting major clients like Microsoft, Alphabet, and Meta.
Despite this setback, Nvidia remains a strong player in the chip industry, with promising prospects ahead.
Date: 2024-08-07 09:17:12
Source: finance.yahoo.com