Nvidia shares climbed 2% in morning trading. Nvidia's 'dominant A.I. leadership' is clear after GTC developer conference, Wall Street analysts say.
Nvidia unveiled a slew of new products and partnerships at its GTC conference on Tuesday that gave analysts confidence in the chipmaker’s growing AI capabilities. The firm unveiled CUDA Quantum, a platform for developers to build quantum algorithms.
Following the GTC conference, Bank of America’s Vivek Arya reiterated a buy rating on Nvidia, and raised his price target, saying Nvidia’s AI capabilities only expands its total addressable market.
Meanwhile, Goldman Sachs’ Toshiya Hari reiterated a buy rating on Nvidia, saying the new products solidify the chip company’s position as a “key enabler of AI.” Hari’s 12-month price target of $275 means shares can rise another 5%.
JPMorgan’s Harlan Sur reiterated an overweight rating, saying Nvidia’s “dominant AI leadership” is clear following the event. Still, the analyst’s December 2023 target of $250 means about 4% downside from Tuesday’s closing price.