JPMorgan Chaseraised Nvidia price target to $280 from $265;
Jefferiesraised its price target to $300 from $275; Melius Research raised Nvidia price target to $400 from $380. Previously, Nvidia's performance financial forecast exceeded expectations, and it announced an $80 billion share repurchase plan.
Chip giant Nvidia (Nvidia) reported record sales and profits on Wednesday, helped by surging demand for data center computing and the meteoric rise of artificial intelligence (AI) agents.
The company's sales reached $81.6 billion in the fiscal quarter that ended in April, up 85% from a year earlier and 3.4% above the $78.9 billion forecast by analysts polled by FactSet. Net income for the quarter was $58.3 billion, more than tripling a year earlier and 36.5% higher than analysts' forecast of $42.9 billion.
"Demand is growing exponentially," CEO Jensen Huang said on a conference call with analysts. "The reason is simple: the era of intelligent AI has arrived."
The company also announced two shareholder-friendly initiatives: an $80 billion share buyback program and increased its quarterly cash Dividend to 25 cents per share from 1 cent. The company plans to return 50% of its free cash flow to shareholders this year, Chief Financial Officer Collette Kress said on a conference call.
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