Nvidia Sees Price Target Increases Ahead of New AI Chip Launch in China

Monday, 22 July 2024, 20:26

Nvidia's stock has seen a positive impact as analysts from Loop Capital and Piper Sandler have raised their price targets for the company. Loop Capital boosted its target from $120 to $175, maintaining a Buy rating, while Piper Sandler upgraded its target from $120 to $140, holding an Overweight rating. The revisions are largely attributed to Nvidia's anticipated Blackwell AI chip, designed specifically for the Chinese market. This development indicates strong confidence in Nvidia's growth prospects within the AI sector.
Yahoo Finance
Nvidia Sees Price Target Increases Ahead of New AI Chip Launch in China

Nvidia Stock Update

Nvidia (NVDA) has experienced a significant uptick in share price after analysts revised their price targets ahead of the market's Monday closing. This surge is primarily linked to the announcement of a groundbreaking new AI chip aimed at the Chinese market.

Analyst Insights

  • Loop Capital maintained its Buy rating, increasing the price target from $120 to $175 per share.
  • Piper Sandler held its Overweight rating while elevating its target from $120 to $140 per share.

Looking Ahead

The raised price targets reflect increasing confidence in Nvidia's potential in the AI industry, especially concerning the upcoming Blackwell AI chip.

Conclusion

With these analysts' upgrades, Nvidia is poised for significant growth, especially as it makes strides in catering to the expanding AI market in China.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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