Citi opens ‘positive catalyst watch’ on Nvidia into conference

Citi analyst Atif Malik opened a “30-day positive catalyst watch” on shares of Nvidia (NVDA) into the SIGGRAPH 2024 conference. Nvidia CEO Jensen Huang and Meta (META) CEO Mark Zuckerberg will likely discuss the future of artificial intelligence and Nvidia could announce the much-anticipated standalone Arm-based Grace CPU for servers, the analyst tells investors in a research note. The firm believes the CEO discussion should shed positive light on how Nvidia’s end customers make money or their return on equity profile, a key topic on investors’ minds these days. It expects to hear accelerating AI demand trend at the conference “with no signs of an air pocket” and views the recent pullback in the stock on geopolitical concerns as a buying opportunity. Citi has a Buy rating on Nvidia with a $150 price target.