Tuesday, 02 January 2024 12:17 GMT

Nvidia Stock Gets A Price Target Hike From Barclays Check Out The New Level


(MENAFN- AsiaNet News)

Nvidia Corp. (NVDA) stock received a bullish update from Barclays as analyst Tom O'Malley lifted the firm's price target to $240 from $200, reiterating an 'Overweight' rating on the stock. 

The new target reflects rising confidence in the company's dominant position in artificial intelligence infrastructure, as well as a growing list of strategic partnerships.

Barclays based its new valuation on Nvidia's earnings potential, forecasting an implied earnings per share of $7.85. The firm added $35 billion in potential revenue stemming from Nvidia's recent collaboration with OpenAI to its model. According to a CNBC report, at a 30x multiple, the firm expects Nvidia's valuation to climb sharply as AI adoption deepens across various industries.

Get updates to this developing story directly on Stocktwits.

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