(News Bulletin 247) – Wells Fargo reaffirms its ‘overweight’ recommendation and raises its price target from 450 to 500 dollars on Nvidia, saying it is positive for the long-term prospects of the manufacturer of processors, cards and graphics chips.
The broker sees the stock’s recent pullback as a ‘healthy reduction in risk, given the setup of a very high bar’ for the second fiscal quarter results, due August 23.
“We find it difficult to bet against Nvidia’s preeminent positioning as the main beneficiary of an architectural transformation of data centers driven by artificial intelligence,” he further judges.
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