NVDA Stock: $620 Target By Credit Suisse

By Amit Chowdhry ● April 12, 2021
  • The shares of NVIDIA Corporation (NASDAQ: NVDA) have received a $620 price target by Credit Suisse. These are the details.

The shares of NVIDIA Corporation (NASDAQ: NVDA) have received a $620 price target by Credit Suisse. And Credit Suisse analyst John Pitzer is maintaining an “Outperform” rating on NVIDIA shares.

One of the most immediate catalysts for NVIDA is Analyst Day, which is scheduled for today between 1PM and 3PM today. Pitzer also noted that there are a few near-term issues that have to be addressed such as gaming over-earning, the timeline for reaccelerating the year-over-year growth for the Data Center Group, and a status on the regulatory process surrounding the Arm Holdings acquisition.

RBC’s Mitch Steves also does not expect NVIDIA to modify its guidance or long-term outlook. Steves is especially interested in NVIDIA”s Q&A portion, which will provide incremental data points about the Data Center, Automotive, and Ethereum Mining. Steves is expecting a surge from the Ethereum mining operations.

“Using information from the public blockchain data we can see that the Ethereum Hash rate has increased by 163,533 GH/s from January 31 to April 8. This represents the amount of computing power being added to the network, and if we assume a $699 ASP with an average hash rate of 100MH/s it results in ~$1.15B in total revenue,” wrote Steves in a research note via TipRanks. “Roughly 2/3 of this likely comes from NVDA GPUs, and we take another 66% cut of the revenue line due to distribution, which results in ~$500M so far in the quarter.”

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