Nvidia nasdaq Nvda Stock Sees Uptick Following Citis Bullish Outlook

NVIDIA (NASDAQ: NVDA) Stock Sees Uptick Following Citi’s Bullish Outlook

NVIDIA Corporation (NASDAQ: NVDA) stock gained 1.05% in the pre-market trading Thursday after Citi issued a bullish outlook, citing the Blackwell platform.

Citi has revised its stance on NVIDIA (NVDA), raising the tech company’s stock price target from the previous $820 to a new high of $1,030 while continuing to endorse a Buy rating for the shares.

This revision stems from insights gleaned during the initial days of the GPU Technology Conference (GTC), a pivotal event in the tech industry. At GTC, NVIDIA showcased its prowess in integrating computing, networking, and software technologies, garnering attention from analysts and investors alike.

The highlight of the conference was the revelation of NVIDIA’s new NVLink Switch (NYSE: SWCH) technology, which plays a pivotal role in enhancing the performance of the Blackwell Platform. Analysts have noted that this breakthrough technology allows the Blackwell Platform to outperform the capabilities of its predecessor, the H100 model, by 30 times in inference workloads.

Citi revised its EPS forecasts for 2024 and 2025, with a 7% increase for 2024 and a 21% increase for 2025. This adjustment comes in response to the higher-than-expected pricing of the Blackwell platform. The price now ranges from $30,000 to $40,000, compared to the previously assumed range of $20,000 to $30,000.

Citi sets new $1,030 price target based on 35x PE ratio. Citi’s reaffirmation of the Buy rating for NVIDIA indicates a positive outlook on the company’s future performance, propelled by the innovative Blackwell platform and its pricing potential.

NVIDIA (NASDAQ: NVDA) Stock Movement

NVDA stock rose 1.05% in Thursday’s pre-market trading after closing at $903.72 on Wednesday. The traders had exchanged hands with 47,114,150 (47.11 million) shares compared to the average daily trading volume of 51.42 million.