Nvidia Analyst Raises Price Target by 22.2% After GTC Conference

TD Cowen's Matthew Ramsay raised their price target on Nvidia (NASDAQ: NVDA) by 22.2% from $900 to $1,100 on March 21, 2024. The analyst maintained their Buy rating on the stock.

Ramsay's decision to raise the price target comes after attending Nvidia's GTC Conference, where they gained a new perspective on the company's dominance in accelerated computing, particularly in AI, all aspects of software, networking, and computing. This insight likely contributed to Ramsay's increased optimism about the company's future prospects.

In addition to the price target increase for Nvidia, Ramsay also made a notable change in their rating for Broadcom Inc. The analyst raised the price target for Broadcom Inc by 7.1%, from $1,400 to $1,500, and upgraded the stock from Hold to Buy. This suggests that Ramsay sees significant potential for growth in Broadcom Inc and believes it is a good investment opportunity.

Ramsay's positive outlook on Nvidia is echoed by a majority of top-rated analysts. According to data from WallStreetZen, 93.3% of top-rated analysts currently rate NVDA as a Strong Buy or Buy. Only 6.7% see it as a Hold, and no analysts recommend or strongly recommend selling the stock. This level of consensus among analysts further supports Ramsay's bullish stance on Nvidia.

The stock price of Nvidia has been on an upward trajectory in recent months. Since the company's last quarterly report on January 28, 2024, the stock price is up 49.8%. Furthermore, on a year-over-year basis, the stock has seen an impressive increase of 249%. During this period, Nvidia has outperformed the S&P 500, which is up 30.9%. These strong performance figures indicate that investors have been drawn to Nvidia's potential and have been rewarded for their investment.

It's worth noting that Matthew Ramsay is ranked in the top 9% of Wall Street analysts by WallStreetZen, out of a total of 4,518 analysts. With an average return of 17.6% and a 48.8% win rate, Ramsay has established themselves as a reputable and successful analyst. Their specialization in the Industrials and Technology sectors further enhances their expertise in evaluating companies like Nvidia and Broadcom Inc.

Nvidia Corporation, headquartered in Santa Clara, California, provides graphics, compute, and networking solutions globally. The company's Graphics segment offers GPUs for gaming and PCs, game streaming services, and solutions for gaming platforms. Their Compute & Networking segment provides Data Center platforms and systems for AI, HPC, and accelerated computing, among other offerings. Nvidia's products are widely used in gaming, professional visualization, datacenters, and automotive markets.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.