The NVIDIA stock price target was lifted to $144 from $116 by analysts at Morgan Stanley in a note Monday, with the bank maintaining an Overweight rating on the stock.
"We had positive data points from both our Taiwan trip and our China trip that keep us confident on near term #s," said analysts at Morgan Stanley. The data doesn't surprise the bank, which is mindful of just how much market cap NVDA has added since the last earnings report, which they state does point to a higher bar.
While the bank acknowledges that it is clear we are at the tail end of the Hopper cycle, and the frothiness and visibility are lower than it was, they state that demand side indications remain robust for Hopper. When assessing the current share price, while the bank isn't"pounding the table at these levels given the sharp appreciation since the last earnings report," they believe Nvidia "remains the most compelling narrative in the AI semis space," and that as the transition from H100 to H200 and then Blackwell progresses,"visibility and backlog will improve materially.