NVIDIA Stock Upgraded to Outperform at Daiwa
<p>Daiwa Capital Markets upgraded <a href='https://financialmodelingprep.com/financial-summary/NVDA'>NVIDIA (NASDAQ:NVDA)</a> stock from Neutral to Outperform, expressing increased confidence in the company's position. The analysts also increased their price target to $475 per share, up from the previous target of $408. Their decision is based on elevated estimates for 2024/2025 that surpass market expectations.</p>
<p>The analysts said they are more certain that NVIDIA holds a dominant position in AI and Generative AI, making it difficult for competitors like AMD, Intel, and others to replicate in the near term. </p>
<p>Previously, the analysts had concerns about weak demand for cloud and enterprise hardware in 2023. However, they now acknowledge that the importance of generative AI to the world, including technologies like ChatGPT, based on both public and internal data, was underestimated by Daiwa analysts. They believe that GPUs are vital for training and consider this market to be a new and significant opportunity.</p>

NASDAQ:NVDA