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Nvidia stock: Goldman Sachs sees it headed for $800 per share

By: Invezz
nvidia stock price headed for $800 goldman sachs

Nvidia Corp (NASDAQ: NVDA) has more than tripled in the trailing twelve months but a Goldman Sachs analyst is convinced it’s not done pleasing its shareholders just yet.

Nvidia stock has another 21% upside

Toshiya Hari reiterated his “buy” rating on shares of the chipmaker this morning and raises his price target to $800 that suggests a 21% upside on their previous close.  

The bullish call on Nvidia stock arrives a couple weeks before it’s scheduled to report its financial results for the fourth quarter.

We expect Nvidia’s results and outlook in its core Data Center segment to illustrate ongoing wallet share shift from general-purpose compute (CPU) in favour of accelerated computing (GPU).

Last month, the Nasdaq-listed giant partnered with Equinix Inc on AI supercomputers as Invezz reported here.

If you still don't get Nvidia and the generative AI opportunity, watch this.

And watch again if you still dont get it. $NVDA

— The AI Investor (@The_AI_Investor) February 1, 2024
Nvidia sits at the heart of AI mania

Note that Nvidia Corp is expected to earn $4.15 a share in the fourth quarter versus 65 cents per share only a year ago.

Toshiya Hari is bullish on the multinational also on “early evidence of AI monetisation at the likes of Microsoft”. $NVDA also announced new chips in January to run AI apps on personal computers.

He recommends that investors remain in Nvidia stock because hyperscalers continue to make positive remarks on “AI-related capital spending”.

Watch here:

Widening customer base, continued spending on cloud-computing and artificial intelligence, and new product cycles will help the semiconductor behemoth see “consistent growth” in the first half of 2025, the Goldman Sachs analyst concluded.

The post Nvidia stock: Goldman Sachs sees it headed for $800 per share appeared first on Invezz

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