Rosenblatt is getting more bullish on Nvidia , hiking its price target on the chip giant to a Street high ahead of next week’s earnings release. Analyst Hans Mosesmann lifted his price target on the chipmaker to $800 from $600 a share, reflecting 82% upside from Tuesday’s close. NVDA YTD mountain Nvidia shares have doubled since the start of the year Nvidia’s been on a tear this year as investors bet on the promise of artificial intelligence, viewing the company as the chipmaker to beat with its graphics processing units underpinning large language models. “With unmatched strengths in compilers, libraries, and vertical optimizations, NVDA can overcome hardware specification challenges and drive recurring software revenue streams,” Mosesmann wrote in a Wednesday note. “While early innings, we view NVDA as a high-conviction story thriving amid uncertainty given secular AI, autonomous driving, and metaverse tailwinds.” While it may only be the early innings of the AI war, the analyst views Nvidia as a top name in a “league of its own” with software and AI solutions. Mosesmann expects Nvidia to top estimates for the July quarter and anticipates earnings in the upcoming calendar year will range well into the high-teens. “We estimate a revenue guide for the October quarter to be supportive of single digit growth off of the higher July quarter sales level within a constrained environment,” he added. — CNBC’s Michael Bloom contributed reporting.
