Leading semiconductor company, Nvidia (ticker: NVDA), is expected to continue its upward trajectory, according to TD Cowen analysts led by Matthew Ramsay. In their latest report, the analysts maintained their Outperform rating on Nvidia and raised their price target to $700 from $600.
In premarket trading, shares were up 0.8% to $461.50. With the new price target, this implies that shares have the potential for an additional 50% increase.
The positive outlook stems from a week of investor meetings which included founder and CEO Jensen Huang and Chief Financial Officer Colette Kress. Analysts believe that Nvidia is well-positioned to take advantage of two transformative paradigm shifts - ubiquitous acceleration and generative artificial intelligence. The Cowen analysts also highlight Nvidia's wide moat, which may further expand its strong market position.
Despite already experiencing significant growth, with over a 200% increase this year, some investors may question if Nvidia's rise can continue. However, the Cowen analysts remain confident in the company's suite of superior technology, long history of innovation, and ongoing growth-oriented investments. Additionally, they believe that an uptick in new products will contribute to Nvidia's sustained growth across various AI verticals.
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