$NVDA Price Target Raised:
TD Cowen raises Nvidia price target, forecasts ‘sustained’ Blackwell demand
TD Cowen expects demand for Nvidia’s artificial intelligence systems Blackwell and Hopper to remain robust and boost its stock price.
“One thing remains the same, fundamental strength at NVIDIA,” analyst Matthew Ramsay said. “In fact, our checks continue to point to upside in datacenter as demand for Hopper/Blackwell-based AI systems continues to exceed supply.”
The analyst upped his price target on the AI darling to $165 per share from $140 and reiterated his buy rating. The firm’s forecast calls for about 28% upside from Friday’s $129.24 close. Nvidia has soared 161% in 2024.
“Overall we see a product roadmap indicating a relentless pace of innovation across all aspects of the AI compute stack,” the analyst added. Ramsay also called for the company to beat Wall Street’s second-quarter estimates on August 15 and for Nvidia to raise its outlook thanks to strong datacenter demand.
— Brian Evans