Nvidia nasdaq Nvda Stock Rises As Wells Fargo Offers Bullish Forecast

NVIDIA (NASDAQ: NVDA) Stock Rises as Wells Fargo Offers Bullish Forecast

NVIDIA Corporation (NASDAQ: NVDA) stock rose 1% on Tuesday after Wells Fargo issued a bullish price forecast.

In a bullish move, Wells Fargo has upped its price target for NVIDIA (NVDA) from $840 to $970, citing significant developments revealed by CEO Jensen Huang at the recent GPU Technology Conference (GTC). Analyst Aaron Rakers at Wells Fargo has maintained an Overweight rating for the stock.

The positive sentiment extends beyond Wells Fargo, as CFRA also reiterated its favorable outlook, maintaining a Buy rating and setting a price target of $1,000. The company’s latest advancements, particularly the introduction of the Blackwell GPU B200, have sparked optimism among analysts.

The analysts expect the B200 to drive hardware revenue growth, boasting higher pricing than the Hopper GPU. It also promises substantial performance improvements, with up to a 30-fold increase in inference capabilities and a 25-fold reduction in energy consumption when integrated with NVIDIA’s CPUs and networking chips.

CFRA Analysts on NVDA Stock

CFRA also highlighted NVIDIA’s strategy to enhance ecosystem stickiness through new software advancements, notably the introduction of NVIDIA Instant Multi-Tool Application Servers (NIMs), simplifying the process for developers to create and deploy AI Assistants within the enterprise sector.

Looking ahead, NVIDIA positions itself at the forefront of the Industrial AI revolution, envisioning a landscape dominated by robotics and AI-powered factories. Project GR00T, a foundation model for humanoid robots, and Jetson Thor, a specialized computer for simulation workflows, underscore NVIDIA’s commitment to this vision.

The CFRA analysts see NVIDIA’s recent announcements as a testament to its innovative capabilities. They anticipate the company’s Total Addressable Market (TAM) will expand more rapidly than any other major tech firm over the next decade.

CFRA analyst ended the note,

“All told, we view NVDA’s announcements as impressive and see its TAM expanding at a faster pace than any other major tech company over the next decade.”

NVIDIA (NASDAQ: NVDA) Stock Reaction

NVDA stock gained 1.07% to close at $893.98 on Tuesday. The traders had exchanged hands with 66,738,065 (66.73 million) shares compared to the average daily trading volume of 51.08 million.