Shares of semiconductor giant Nvidia (NASDAQ:NVDA) took a hit today at the time of writing, even with the recent launch of its impressive GH200 Grace-Hopper superchip. Citi’s analyst, Atif Malik, remains optimistic, maintaining a confident $560 price prediction for Nvidia and reiterating his Buy rating. Malik highlighted the chip’s increased memory, an anticipated move, especially as competitors like AMD gear up to introduce more in-chip memory in their soon-to-launch MI300 GPUs.
Furthermore, Malik appreciates Nvidia’s strategic push into democratizing AI. With innovations like the NVIDIA RTX Ada Generation GPUs and NVIDIA AI Workbench, Nvidia aims to make AI accessible, spanning from individual PCs to large-scale data centers.
What is the Target Price for NVDA?
Overall, analysts have a Strong Buy consensus rating on NVDA stock based on 30 Buys, two Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average price target of $506.72 per share implies 19.23% upside potential.
