NVIDIA Corporation (NASDAQ: NVDA) stock sees a pre-market uptick on Monday, with Citi maintaining its Buy rating despite profit-taking following the GTC event.
Citi has reiterated its bullish stance on NVIDIA (NVDA) stock, maintaining a buy rating and setting a price target of $1,030. This reaffirmation comes in the wake of a decline in share price following the recent GPU Technology Conference (GTC), which was attributed to investors taking profits.
According to the firm’s analysis, NVIDIA’s demand outlook remains robust, with visibility stretching into the first half of 2025. Projections for GPU unit sales are in line with expectations, with an anticipated 4.3 million units in 2024 and a further increase to 5.2 million units in 2025. These figures align with Citi’s base case model for the company.
Citi believes that forthcoming remarks from key suppliers in NVIDIA’s supply chain could positively impact the company’s stock. This includes statements from the primary foundry and HBM memory suppliers during their earnings calls and presentations at the upcoming Computex Taiwan event.
NVIDIA CEO, Jensen Huang will deliver a keynote speech at the Computex conference on June 2. Citi suggests that insights shared by Huang during this event could further catalyze NVIDIA’s stock performance.
Overall, Citi’s outlook remains bullish on NVIDIA’s prospects. The maintained buy rating and price target reflect confidence in the company’s market position and the potential impact of key growth drivers.
NVIDIA (NASDAQ: NVDA) Stock Price Action
NVDA stock soared 2.68% to $881.86 in the pre-market trading Monday.
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