Think Nvidia's Stock Price Is Crazy? Maybe Not, According to 1 Wall Street Analyst
Artificial intelligence chip wunderkind Nvidia (NASDAQ: NVDA) failed to impress investors with its opening monologue at its GTC 2024 conference this week. The chips giant's share price on Wednesday afternoon is effectively right where it was on Saturday before the conference began.
Part of the reason is that Nvidia stock is already pretty richly priced at $850 a share, a seemingly crazy valuation of more than 36 times trailing sales. And yet, one analyst -- Piper Sandler's Harsh Kumar -- thinks $850 is only the beginning for Nvidia stock, which is boarding a non-stop train to $1,050 this coming year. That would imply an 18% jump from the current price.
In many respects, this analyst's note (covered on StreetInsider.com Wednesday morning), resembles what all analysts have been saying about Nvidia and GTC 2024. Kumar raves about Nvidia's multiple partnerships with AI companies, its multiple "initiatives" in both hardware and software sales, and its "newest GPU architecture, Blackwell, which succeeds the Hopper architecture."
Source Fool.com
