Analyst Quinn Bolton of Needham maintained a Buy rating on Nvidia, boosting the price target to $200.00.
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Quinn Bolton has given his Buy rating due to a combination of factors, primarily revolving around Nvidia’s strategic developments and anticipated revenue growth. Nvidia recently received approval from the U.S. government to file export licenses for its H20 products to China, which had previously been restricted. This approval is expected to enable Nvidia to resume shipments that were previously halted, potentially unlocking significant revenue streams.
Furthermore, Nvidia is likely to introduce new GPU variants tailored for the Chinese market, with shipments anticipated to begin in the late summer. These developments are expected to contribute to Nvidia’s financial performance positively, prompting an increase in the price target to $200, based on a projected price-to-earnings multiple. These strategic moves and anticipated revenue growth underpin Bolton’s optimistic outlook on Nvidia’s stock.
In another report released yesterday, Evercore ISI also reiterated a Buy rating on the stock with a $190.00 price target.