Goldman Sachs bumps Nvidia stock target, sees 20% more upside

NVDA
+3.45%

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Goldman Sachs analysts reiterated their Buy rating on Nvidia (NASDAQ:NVDA) and raised the 12-month target price from $625 to $800.

The new price objective implies a nearly 21% upside from NVDA’s Friday closing price.

“We reiterate our Buy rating (also on the Conviction List) on NVDA with our updated 12-month price target of $800 pointing to 21% potential upside from current levels and our bull/bear analysis indicating an attractive risk/reward profile.”

Goldman said its revised forecasts for the fiscal years 2025/26 now show an average increase of 22% in non-GAAP EPS (excluding SBC), taking into account recent indicators of strong demand for AI servers and a better supply situation for GPUs.

In contrast to previous expectations of a decline in Data Center revenue in the second half of the 2024 calendar year (CY), analysts now anticipate steady growth into the first half of CY25.

This adjustment is “driven by continued spending on Gen AI infrastructure by the large cloud service providers, a broadening customer profile, and multiple new product cycles (e.g. H200, B100).”

Source: Investing.com