The analyst expects the stock to continue to work higher given the improvement in its mix of business as well as the quality of its earnings and margins, with further upside potential anticipated in 2020. PT raised to $350 from $301 at RBC CapitalĪnalyst Mitch Steves raised his price target on Nvidia to $350 and kept his Outperform rating after its reported "record" data center revenue and record gross margins in Q4. We'll get into specifics next week, especially from long-time bull William Stein at SunTrust who was the Street-high target at $314 for sometime before the Jefferies analyst notched him by a buck earlier in the week. I share these analyst notes not so much for the PT as the core thesis of their upgrade. NVDA PTs move to Street consensus range of $315-325 NVDA was up +7% on MONSTER VOLUME of 26 million shares, more than 3X the 90-day avg! And NVDA shares soared from $270 up to $315 over the next three days. The next day, analysts were out en masse raising their outlooks and price targets. NVDA shares notched a new all-time high in after-hours above $292 and drifted back near $285. NVIDIA did not name big customers but said that "hyperscale" customers drove the increased data center sales, a group that industry analysts often define as major cloud computing vendors such as Google, AWS and Azure among others. Management's Q1 revenue guide tops Wall Street consensus even as it projected a $100 million hit from the coronavirus outbreak. Q4 adjusted gross margin was 65.4%, above the 64.5% consensus. Q1 outlook sees revenue of $3B (consensus $2.86B), plus or minus 2%, and operating expenses of about $835M.
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