Nvidia stock has 38% upside potential due to strong demand for data center chips

From Nasdaq: 2024-04-08 16:44:41

Nvidia’s stock has surged 76% this year, driven by strong demand for data center chips. KeyBanc analysts predict further growth potential, maintaining a buy rating with a new price target of $1,200, a 38% upside from the current price of $871.

Nvidia’s data center business, a major revenue driver, continues to show strong growth. With new technologies on the horizon, demand for the GB200 chip is expected to bring in $90-$140 billion annually, aligning with revenue estimates of $160 billion by 2026.

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Read more at Nasdaq: Nvidia Stock Has 38% Upside, According to 1 Wall Street Analyst