November 19, 2024

Nvidia price target raised to $167 from $148 at Truist

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Truist raised the firm’s price target on Nvidia (NVDA) to $167 from $148 and keeps a Buy rating on the shares ahead of its Q3 results this Wednesday. The firm expects the company to deliver upside vs. consensus while also expressing confidence in 2025 owing to very robust backlog, the analyst tells investors in a research note. Nvidia management commentary will focus on the next drivers of growth after LLMs – data processing, and physical AI – and the firm is raising its estimates based on higher growth expectations in the Datacenter end market, with FY24 EPS view up 4c to $2.85 and FY25 view up 49c at $4.18, Truist added.

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