HSBC Analyst Raises Nvidia Price Target by 28.6% on Strong Buy Rating

HSBC's Frank Lee raised their price target on Nvidia (NASDAQ: NVDA) by 28.6% from $1,050 to $1,350 on 2024/05/10. The analyst maintained their Strong Buy rating on the stock.

According to Lee, HSBC "believes Nvidia will continue to demonstrate its strong pricing power via its NVL36/NVL72 server rack system and GB200 platform," which "will once again surprise the market to the upside in FY 2026." Lee also expressed "even stronger conviction" that Nvidia has the potential to see FY 2026 revenue of $196B based on its NVL36/NVL72 server rack's average selling price of $1.8M/$3M and a total server rack unit sales assumption of 35,000.

The current sentiment among top-rated analysts is largely positive towards Nvidia. A staggering 93.5% of these analysts rate NVDA as a Strong Buy or Buy, while only 6.5% see it as a Hold. Notably, no analysts recommend or strongly recommend selling the stock.

Nvidia's stock price has seen significant gains since its last quarterly report on January 28, 2024. It has surged by 47.3% in that period, and on a year-over-year basis, the stock is up an impressive 211.2%. These figures indicate that Nvidia has outperformed the S&P 500, which has risen by 26.2% during the same timeframe.

HSBC analyst Frank Lee, who provided the updated price target and rating for Nvidia, boasts a solid track record as a Wall Street analyst. Lee is ranked in the top 24% out of 4,579 analysts by WallStreetZen. With an average return of 22.5% and a win rate of 61.5%, Lee's expertise lies in the Financial Services, Technology, and Real Estate sectors.

Nvidia Corporation is a prominent provider of graphics, compute, and networking solutions globally. Its Graphics segment offers GPUs for gaming and PCs, along with related infrastructure and services. The company's Compute & Networking segment provides data center platforms, systems for AI and HPC, networking solutions, and automotive AI capabilities. Nvidia's products find applications in gaming, professional visualization, data centers, and automotive markets, among others.

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