Though Nvidia (NASDAQ: NVDA) faced a period of intermingled corrections and sideways trading during the summer, even seeing its market capitalization collapse by $1 trillion at one point, it has, since the start of October, reclaimed its upward momentum.
Indeed, thanks to numerous factors, including the ‘insane’ demand for the Blackwell chip, the semiconductor firm’s role in the $100 billion artificial intelligence (AI) infrastructure project, and the success of the October AI event, NVDA stock has rallied 17.05% in the last 30 days.
Furthermore, its Nvidia price today of $136.83 means that the stock is trading close to its recently set all-time high (ATH) and is as much as 183.92% in the green year-to-date (YTD).
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Goldman Sachs sees Nvidia as major beneficiary of the continued AI boom
Considering the positive developments and the upward stock market momentum, it comes as little surprise that Goldman Sachs (NYSE: GS) raised its price forecast for NVDA from $135 to $150 in an October 14 note.
In its assessment, the banking giant echoed Nvidia’s recent presentation, predicting a strong demand for increasingly powerful chips as AI technology advances toward a greater focus on inference.
Indeed, if the chipmaker succeeds in its goal of achieving an infrastructure revolution akin to the Blackwell chip every year, it will likely expand its leading role in the growing market.
Citi predicts massive growth in demand for Nvidia GPUs
On October 14, Citi (NYSE: C) also reassessed Nvidia’s prospects and reached a similar conclusion to Goldman Sachs. Not only did it revise its price target to $150, but it also estimated that 2024 and 2025 will see robust growth for the chipmaker’s GPUs.
Specifically, Citi’s Atif Malik forecasted that the demand will rise 118% and 84% year-over-year (YoY) in calendar years 2024 and 2025, reiterating the ‘buy’ rating for NVDA shares.
Nvidia stock stays among Morgan Stanley’s top picks
On October 10, Morgan Stanley (NYSE: MS) did not stray far from its peers when revising its rating and price target for Nvidia.
In fact, not only does the bank still consider the semiconductor stock a ‘buy,’ but it has also reaffirmed that NVDA shares are among its top picks. Additionally, much like Citi, it set its price target for Nvidia at $150 and highlighted the success of the Blackwell chip.
Morgan Stanely also gave hope to investors who may have come late to the chipmaker’s surge as it explained the technology giant’s management believes they are early in the overall AI investment cycle.
The other recent Nvidia price targets have followed a similar pattern and have been similarly bullish. Cantor Fitzgerald and UBS, for example, both revised their outlook on October 8 and forecasted a rally to $175 and to $150, respectively.
