- The shares of Nvidia (NASDAQ: NVDA) have received a $320 price target from BofA. These are the details.
The shares of Nvidia (NASDAQ: NVDA) have received a $320 price target from BofA. And BofA analyst Vivek Arya reiterated a “Buy” rating on the shares.
Arya adjusted the rating on Nvidia ahead of the company’s earnings report. And Arya expects a beat-and-raise quarter from the company barring any unforeseen supply issues.
“Consumer/gaming/miner demand has softened, but NVDA’s data center strength, richer gaming mix (per our recent Steam/pricing survey), and potential channel fill with new RTX 40xx (Ada Lovelace) gamecards could be positive offsets,” wrote Arya in a research note.
Plus Arya suggested that clients should focus on how much of the Q2 guidance is driven by “gaming (vs. data center) mix” as that is likely to decide the Nvidia stock reaction to EPS.”
Many investors appear to be waiting for a large reset in the gaming segment in order to re-engage with the stock. And Arya is estimating that Nvidia has only 5% to 10% total exposure to the crypto market so investor concerns in this context are overstated.
Net-net, Arya continues to like Nvidia in the context of a compelling market valuation following a sharp selloff in tech stocks recently.
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