In a report released yesterday, Atif Malik from Citi maintained a Buy rating on Nvidia (NVDA – Research Report), with a price target of $150.00.
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Atif Malik’s rating is based on several strategic factors that highlight Nvidia’s strong market position and potential for growth. The recent decision by the US Bureau of Industry and Security to rescind the Biden AI Diffusion Rules is seen as a positive development for Nvidia, as it could lead to strengthened export controls for AI chips, potentially benefiting the company by limiting competition in key markets.
Additionally, Nvidia’s deal with the Saudi company HUMAIN is viewed as a promising step towards establishing new international partnerships, which could enhance its global reach and influence. However, Malik also notes the potential risks associated with tighter access to US AI chips for other countries, which could impact Nvidia’s ability to replicate such successes elsewhere. Despite these challenges, the overall outlook for Nvidia remains positive, justifying the Buy rating.
Malik covers the Technology sector, focusing on stocks such as Nvidia, Apple, and Arista Networks. According to TipRanks, Malik has an average return of 27.7% and a 66.74% success rate on recommended stocks.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $185.00 price target.