Raymond James increased Nvidia’s price target to $500 (9.2% upside potential) from $370 and reiterated a Buy rating ahead of the chipmaker’s 2Q results next week.Raymond James analyst Chris Caso wrote in a note to investors that Nvidia (NVDA) “has among the strongest product cycles in semis, given the continued ramp of Ampere for datacenter, and the upcoming ramp of the new gaming chip, for which it appears the launch will occur on August 31.”Nvidia has been benefiting from robust graphic chip demand boosted by the growing need of cloud-based solutions by data center operators. Furthermore, stay-at-home directives imposed by global governments amid the COVID-19 pandemic have driven demand for its gaming business. Data center and gaming business revenue soared 80% and 27%, respectively, in 1Q on a year-over-year basis.On Aug. 13, Deutsche Bank analyst Ross Seymore raised NVDA’s price target to $405 (11.5% downside potential) from $315 and reiterated a Hold rating, saying he forecasts “solid results” for 2Q and a “strong outlook” for 3Q. Seymore expects “the company's positive fundamental momentum to continue, especially given new product ramps in both Gaming and Datacenter.”Overall, the stock has a Strong Buy analyst consensus. Following this year’s 94.5% rally, the average price target of $418.73 implies downside potential of 8.5% to current levels. (See NVDA stock analysis on TipRanks).Related News: Nvidia Could Acquire SoftBank’s Arm Unit – Report Buy Nvidia (NVDA) Stock Because $500 Is Around the Corner, Says 5-Star Analyst Nvidia: Mercedes-Benz Partnership Is a Game Changer, Says 5-Star Analyst More recent articles from Smarter Analyst: * iQIYI Tumbles 12% On SEC Probe Over Fraud Allegations * Piper Sandler Lifts Best Buy’s PT To ‘Street High’ * Wedbush Raises Vroom’s PT On Strong Business Model * Apple To Launch Cheaper Subscription Bundles To Boost Services - Report
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