In anticipation of Nvidia’s (NASDAQ:NVDA) earnings announcement on Feb 21, Citi analysts highlighted the continued robust demand for artificial intelligence (AI) for the company, which holds a Buy rating.
Citi, maintaining a price target of $575 for Nvidia, anticipates sales for the January quarter to align with expectations. The firm also noted that expectations for data center sales on the buy-side are approximately $2 billion higher, mirroring the scenario seen before the earnings report of the previous October quarter.
Nvidia’s shares have seen a remarkable increase of over 46% this year, reaching a record-breaking high on Monday, marking a surge of more than 234% over the past 12 months.
Looking ahead to the April quarter, Citi analysts pointed out that the supply of CoWoS (Chip on Wafer on Substrate) packaging will be crucial due to the sustained strong demand for AI.