RBC Capital analyst Srini Pajjuri initiated coverage of Nvidia (NVDA) with an Outperform rating and $240 price target. The firm sees “limited threat” to Nvidia’s full-stack AI dominance, despite the recent progress by ASICs and AMD (AMD), the analyst tells investors. The firm expects any hyperscaler capex spending slowdown to be gradual and believes that valuation is already discounting a potential slowdown to an extent, adding that it has higher conviction in Nvidia’s order book that that of peers.
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