Nvidia price target raised to $500 from $450 at Raymond James

Raymond James analyst Srini Pajjuri raised the firm’s price target on Nvidia to $500 from $450 and reiterates a Strong Buy rating on the shares ahead of the fiscal Q2 earnings report. While expectations “aren’t exactly low” in the print, a more modest beat-and-raise relative to last quarter and talk of visibility extending into 2024 “should keep the stock going,” the analyst tells investors in a research note. The firm increased estimates, saying GPU demand is significantly outpacing supply on the artificial intelligence spending boom despite mixed cloud capex trends.