Top-rated Morgan Stanley analyst Joseph Moore is forecasting $6 billion in sales of Nvidia’s (NVDA) new Blackwell microchip for this year’s third quarter.
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In a bullish note ahead of Nvidia’s third-quarter financial results being released on November 20, Moore said that investors can expect between $5 billion and $6 billion in Blackwell revenue for the July through September period, which should give Nvidia’s results a boost.
The Morgan Stanley analyst noted that Blackwell chips, which can power artificial intelligence (AI) applications and models, are now sold out until October 2025. That level of demand is a reason for investors to remain bullish on NVDA stock, said Moore, who raised his price target on the stock to $160 from $150 previously.
NVDA Stock a Top Pick
Morgan Stanley named Nvidia stock a “Top Pick” and reiterated a Buy rating on the shares heading into the Q3 print. Moore said in his analysis that he expects another “very good” quarter from Nvidia when the company reports, driven in large part by robust sales of its Blackwell processors.
However, Nvidia has several other revenue drivers leading into 2025, including chips and processors used for AI personal computers, autonomous vehicles, software, and robotics. However, Moore said that Nvidia’s Data Center business is likely to drive much of its growth over the next five years as the company’s AI and machine learning solutions remain critically important to the industry.
NVDA stock has gained 200% so far this year.
Is NVDA Stock a Buy?
Nvidia stock has a consensus Strong Buy rating among 41 Wall Street analysts. That rating is based on 38 Buy and three Hold recommendations made in the last three months. There are no Sell ratings on the stock. The average NVDA price target of $157.27 implies 5.80% upside from current levels.
