Ahead of NVIDIA's quarterly earnings release on Wednesday, brokerage firm Stifel has reiterated its bullish stance on the company. Analyst Ruben Roy maintained his "Buy" rating on the stock and raised the target price from $202 to $212, indicating a potential 19% upside from the stock's Friday closing price.
The analyst noted that market expectations for "broadly accelerating demand" for NVIDIA's GB300 platform could provide tailwinds for the AI chip favorite.
"Our supply chain research continues to indicate that GB300 order volumes are expected to accelerate by year-end, even as GB200 demand remains robust," he wrote in the report. "Given NVIDIA's conservative guidance, cloud service providers' continued strong capital expenditure commitments, reduced China business risks with potential sales benefits, and healthy product sales growth with minimal supply chain disruptions, we expect second-quarter results to modestly exceed market expectations."
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