Piper Sandler Maintains Overweight on NVIDIA, $150 Price Target

Piper Sandler analyst Harsh Kumar reiterated an Overweight rating and $150 price target on NVIDIA (NASDAQ: NVDA).

“All in all, we think that NVDA is poised to be flat to down into the print this week. We think that April quarter is poised for a miss in revenues largely from macro uncertainty and from the H20 ban.

The new re-spun China chip will likely be commercialized in the late part of the July quarter which could also impact July’s guide.

We note that for the most part the factors resulting in a miss are outside the company’s control.

Despite this, we see a strong back half of the year given HPC capex coming on strong coupled with macro forces improving driven by sovereign investments following the announcements of several large deals over recent weeks.

We advise investors to weather the uncertainty and stay long the stock as this is likely largely the last wave of negative news for NVDA this year. Reiterate OW rating.”

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