Nvidia’s share price target is boosted at Deutsche Bank, but analysts warn of ‘super bull’ scenarios


Shares of Nvidia Corp. NVDA,
+ 1,96%
rose 0.5% in pre-market trading on Thursday, as Deutsche Bank analyst Ross Seymore raised his price target to $ 500 from $ 450, saying he expects that that the semiconductor maker reports a “strong beat” with third quarter results and provide an optimistic outlook for the fourth quarter. Nvidia is expected to release its third quarter results on Nov. 18, with a FactSet consensus for EPS of $ 2.57 and revenue of $ 4.41 billion. However, Seymore cautioned investors against “super-bull case scenarios” as the data center may be an issue given Intel Corp’s INTC.
problems there and because the rise in play may be capped by supply constraints. Seymore reiterated its hold rating, with its new target being 6.8% below Wednesday’s closing price of $ 536.72. ” While [Nvidia] continues to hit on all cylinders in an otherwise tough macro environment, we believe a lot of that goodness is reflected in its share price… and at such a valuation, fear that an inevitable pause in growth… appears to be insufficiently updated, ”Seymore wrote in a note to clients. The stock has climbed 128.1% year-to-date through Wednesday, while the PHLX Semiconductor SOX index,
+ 0,08%
rose 35.8% and the S&P 500 SPX,
gained 10.6%.


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