Wells Fargo raises NVIDIA share price target to $970 on platform strength

© Reuters.

On Tuesday, Wells Fargo maintained an Overweight rating on NVIDIA (NASDAQ:) and increased the share price target to $970 from $840. The adjustment followed the GTC 2024 keynote by NVIDIA CEO Jensen Huang, which took place on Monday. The event, held in a fully occupied arena, showcased NVIDIA’s continued emphasis on its comprehensive platform strategy.

The keynote centered around the launch of the Blackwell B200, NVIDIA’s latest product offering. While some expectations for the B200’s performance gains over the previous H100 model were not fully met, the presentation underscored NVIDIA’s robust position in full stack and accelerated compute platform differentiation. This differentiation is seen as a key driver for the company’s growing monetization opportunities.

NVIDIA also highlighted the evolving role of its Omniverse platform during the keynote. The Omniverse is a 3D rendering and simulation platform, which, despite a slower-than-expected materialization, is considered a significant element of NVIDIA’s long-term AI-platform strategy. This strategy includes the potential for increased monetization across various industries.

Additionally, NVIDIA announced that Omniverse Cloud now offers streaming services to Apple (NASDAQ:) Vision Pro. This development is indicative of NVIDIA’s efforts to expand its reach and capabilities in the cloud computing space.

Investors and analysts will have an opportunity to engage further with NVIDIA’s team during an Investor Q&A event scheduled for March 19 at 8:30 am PT. This will provide a platform for in-depth discussions on the company’s strategies and projections.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.