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Curtis of Jefferies Bullish on Nvidia, Raises Price Target by 53.8%

By Don Francis, Editor
May 14, 2024 9:35 AM UTC
Curtis of Jefferies Bullish on Nvidia, Raises Price Target by 53.8%

Jefferies's Blayne Curtis assumed coverage on Nvidia (NASDAQ: NVDA) with a Strong Buy rating. The analyst also raised their price target by 53.8% from $780 to $1,200.

Curtis took coverage of the U.S. semiconductor names "with a bullish long-term view into a strong upcycle with duration." The analyst explained that the sector is "still early in the cycle" and that this particular cycle will be even stronger with AI.

In addition to the positive rating on Nvidia, Curtis made several changes to other names in their portfolio on May 13, 2024. Applied Materials Inc saw its price target lowered by -2.3%, from $215 to $210, and the stock was downgraded from Strong Buy to Hold. Interdigital Inc also had its price target lowered by -5.7%, from $106 to $100, and the stock was downgraded from Strong Buy to Hold. Navitas Semiconductor Corp experienced a significant decrease in its price target, dropping by -60% from $10 to $4, and the stock was downgraded from Strong Buy to Hold. Arteris Inc had its price target lowered by -18.2%, from $11 to $9, and the stock was downgraded from Strong Buy to Hold. However, Advanced Micro Devices Inc managed to maintain its Strong Buy rating, albeit with a -5% decrease in its price target from $200 to $190.

While Curtis's rating on Nvidia is optimistic, it is worth noting that 93.8% of top-rated analysts currently rate the stock as a Strong Buy or Buy, with only 6.3% considering it a Hold. None of the analysts recommend or strongly recommend selling the stock.

Looking at Nvidia's performance, since its last quarterly report on January 28, 2024, the stock price has increased by an impressive 48.1%. In a year-over-year comparison, the stock has surged by 212.2%. Notably, during this period, Nvidia has outpaced the S&P 500, which has seen a 26.2% increase.

Blayne Curtis, the Jefferies analyst, holds a commendable ranking among Wall Street analysts. According to WallStreetZen, Curtis is in the top 4% out of 4,581 analysts, boasting an average return of 13.4% and a 50% win rate. Their expertise lies in the Technology and Communication Services sectors.

Nvidia Corporation is a global provider of graphics, compute, and networking solutions. The company's Graphics segment offers gaming and PC-oriented GeForce GPUs, as well as the GeForce NOW game streaming service. Additionally, Nvidia provides Quadro/NVIDIA RTX GPUs for enterprise workstation graphics, vGPU software for cloud-based visual and virtual computing, and automotive platforms for infotainment systems. In the Compute & Networking segment, the company provides Data Center platforms for AI, HPC, and accelerated computing, along with Mellanox networking and interconnect solutions. Nvidia's products are used in various markets, including gaming, professional visualization, data centers, and automotive. The company collaborates with a range of partners and customers, including original equipment manufacturers, system builders, retailers, and start-ups.

What is the target price for Nvidia?

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