Piper Sandler analyst Harsh V. Kumar reiterated an Overweight rating on Nvidia Corp (NASDAQ: NVDA) with a price target of $620.
Kumar made NVDA his top large-cap pick (previously Advanced Micro Devices, Inc (NASDAQ: AMD)). Valuation is now substantially more compelling than AMD, the analyst writes.
NVDA provides the entire stack of computing that allows for solid efficiencies and significant competitive advantages at the system level. Kumar noted that software licenses can be a substantial portion of overall revenue going forward and increase NVDA's TAM.
While Kumar ...