JPMorgan has increased its target price for NVIDIA (NVDA, Financial) from $155 to $170, maintaining an "overweight" rating. The report highlights that NVIDIA's quarterly performance exceeded market expectations, with revenue forecasts for the current fiscal period expected to rise by 7%, aligning with market predictions.
The growth is attributed to robust customer spending on artificial intelligence and accelerated computing, alongside increased production of Blackwell platform chips and continued strong demand for Hopper platform H100 and H200 chips.
Furthermore, the demand for Hopper platform chips is anticipated to remain strong throughout the current fiscal year, despite the increasing delivery of Blackwell platform chips. The company is focused on driving strong product and manufacturing execution, with Blackwell platform chip revenue expected to surpass initial projections by billions of dollars in the current quarter.
Demand for Blackwell platform chips is projected to continue outpacing supply in the coming quarters.
