Nvidia, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Atif Malik from Citi maintained a Buy rating on the stock and has a $270.00 price target.
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Atif Malik has given his Buy rating due to a combination of factors that highlight Nvidia’s strong position in the AI and GPU markets. Despite the competition from custom AI accelerators like Google’s TPU and Amazon’s Trainium, Nvidia continues to maintain a significant presence with major tech companies such as Microsoft and Meta, which rely heavily on Nvidia’s platforms for their AI workloads. This reliance underscores Nvidia’s competitive edge and technological leadership in the industry.
Furthermore, Nvidia’s recent financial performance, as indicated by having multiple customers contributing over 10% to its revenue, demonstrates its robust market demand and financial health. Malik anticipates that Nvidia’s dominance in the AI merchant GPU market will remain substantial, with a high mix of AI GPUs expected to persist in the coming years. These factors collectively contribute to a positive outlook for Nvidia, justifying the Buy rating.
In another report released on November 24, Bernstein also maintained a Buy rating on the stock with a $275.00 price target.
Based on the recent corporate insider activity of 126 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NVDA in relation to earlier this year.