TD Cowen Reiterates Buy on NVIDIA, $275 PT
TD Cowen analyst Joshua Buchalter reiterated a Buy rating and $275 price target on NVIDIA (NASDAQ: NVDA).
“More Than Meets the AI; We hosted an investor lunch with NVIDIA CEO Jensen Huang, CFO Colette Kress, and Head of IR Toshiya Hari.
We came away confident in the durability of AI spend across diversifying applications/customers.
We see NVIDIA’s extreme co-design across heterogenous hardware offerings and its vertical-specific software as an underappreciated competitive edge in the next evolution of AI. Buy and a Top Pick.
AI Is Diversifying – NVIDIA’s HW/SW Is Positioned to Serve as the Infrastructure for AI Across Industries & Regions: We believe NVIDIA is sending a clear message to investors that: 1) compute remains in shortage; and 2) NVIDIA’s technology stack and its opportunities are being framed too narrowly. On point 1, NVIDIA spoke to rising legacy GPU rental prices, widening AI adoption, and recent cloud deals signed at premium prices.”
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