Morgan Stanley analyst Joseph Moore reiterated an Overweight rating on Nvidia Corp (NASDAQ:NVDA) and increased his price target to $750 from $603.
The stock of Nvidia has experienced significant growth from late 2023, demonstrating robust near-term results, the analyst stated.
Despite initial concerns about over-earning and order reductions from critical customers, Nvidia’s valuation, entering the year at below 25 times next twelve months (NTM) earnings per share (EPS), has seen few parallels in recent years, Moore noted.
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The apprehensions and the performance of secondary AI entities like Advanced Micro Devices, Inc (NASDAQ:AMD) and Super Micro Computer, Inc (NASDAQ:SMCI) catalyzed a strong January for Nvidia.
However, according to the analyst, such a setup is unlikely to recur soon due to potential sustainability concerns after the earnings announcement.
In the short term, despite ...