Nvidia Corp. (NASDAQ:NVDA) has been on a remarkable rally, surging over 200% year-to-date. Analyst John Vinh from KeyBanc Capital Markets believes there’s still room for more growth in the coming year.
Price Target Boost: Vinh, maintaining an Overweight rating on Nvidia shares, has raised the price target from $670 to $750, indicating a potential upside of around 67.5% from current trading levels.
The Nvidia Thesis: Following KeyBanc’s quarterly supply chain checks, Vinh reported that while China’s demand remained weak, it didn’t deteriorate significantly.
Some recovery was observed in the PC and smartphone markets, according to Vinh. Inventory destocking in the channel showed progress. The AI data center demand remained exceptionally strong, outpacing supply by approximately 20% due to limited chip-on-wafer-on-substrate (CoWoS) capacity.
The Android smartphone supply chain experienced rush orders despite concerns about Huawei reentering the market, with Nvidia, Synaptics Inc. (NASDAQ: