Analysts from Cantor Fitzgerald have adjusted the price target for NVIDIA Corporation (NASDAQ: NVDA) to $1,200 per share, up from the previous $900 in a client note released on Monday. The firm maintains an Overweight rating on the stock.
The analysts bestowed a notable moniker upon Nvidia’s CEO, Jensen Huang, dubbing him the “Soothsayer of Santa Clara,” highlighting his influential role in the company.
Cantor Fitzgerald foresees minimal catalysts in the semiconductor sector this week as investors absorb developments from a recent competitor’s conference while anticipating Nvidia’s upcoming GTC conference.
The firm explained,
“NVIDIA will be hosting its GTC conference March 18th-21st, the first ‘live’ conference in 5yrs. While many of the meetings will be at the San Jose convention center, CEO Jensen Huang’s Keynote (scheduled for 1-3 pm PT Monday) has moved to the 18,000-seat SAP Center.”
It added,
“So move over ‘”Oracle of Omaha,'” bring on the ‘”Soothsayer of Santa Clara.'”
Cantor Fitzgerald reiterates its bullish stance on NVIDIA, characterizing it as an Accelerated Computing Platform Company poised to democratize AI across various domains. They emphasize the company’s comprehensive hardware and software offerings spanning multiple industries, including large language models, biology, cybersecurity, data center and cloud computing, Conversational AI, networking, physics, robotics, and quantum, scientific, and edge computing.
NVIDIA (NASDAQ: NVDA) Stock Movement
NVDA stock fell 2% to close at $857.74 on Monday. The traders had exchanged hands with 66,647,199 (66.64 million) shares compared to the average daily trading volume of 48.98 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
