Truist Securities analysts raised their price target for NVIDIA (NASDAQ:NVDA) to $545.00 from $470.00 while reiterating their Buy rating on the stock. According to the analysts, feedback from industry contacts regarding business conditions is mixed, but they maintain a positive outlook on stock.
Ahead of Q2 earnings results, they reached out to industry contacts, including semiconductor buyers and sellers, to gather updates on the business landscape. The takeaways from these conversations varied significantly based on product category, end market, and position in the supply chain. Taking into account both the feedback from the calls and public company commentary, Truist made adjustments to its estimates for NVIDIA. As a result, the price target has been raised to incorporate the updated estimates and higher multiples of comparable peers.