RBC Capital Raises NVIDIA Price Target to $330
RBC Capital analyst Srini Pajjuri raised the price target on NVIDIA (NASDAQ: NVDA) to $330 (from $300) while maintaining an Outperform rating.
“Strong demand visibility outshines modest GM headwinds; NVDA’s results and outlook were ahead of consensus and largely consistent with our preview.
Management took the unusual step of guiding a full year out, and sees ~70% revenue growth in FY28 despite ongoing supply constraints (consensus ~45%).
Visibility appears to be extending even further based on purchase commitments ($88B in FY29). Rubin ramps off to a strong start and CPU revenue is on track to more than double next year.
Customer diversification is continuing with ACIE outpacing hyperscalers while recurring-revenue green shoots are emerging from neocloud revenue-sharing agreements.
FY28 gross margin guidance is below our model but consistent with our recent expectation. We raise FY28 estimates materially and our PT to $330. Reiterate Outperform.”
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