Rosenblatt raises its Nvidia price target a Wall Street high, sees the stock more than doubling

Nvidia’s unprecedented rise to the top is just beginning, according to Rosenblatt. The firm raised its price target to $1,100 from $800 — a new high among Wall Street Street analysts — after the chipmaker managed to beat second-quarter estimates and issue optimistic guidance. Rosenblatt had already hiked its price target heading into this week . The new price target implies more than 133% upside from Wednesday’s close. Rosenblatt also reiterated its buy rating on shares. Analyst Hans Mosemann described Nvidia’s AI growth story as “the mother of all cycles.” “NVDA remains our top conviction idea following epic results and guidance showing accelerating momentum. With data center and AI inferencing opportunities massive and most of the $1 trillion server market shifting to accelerated computing, NVDA is poised for multi-year growth as supply expands,” Mosemann said in a Thursday note. “Edge AI, automotive, enterprise, networking, and software are just gravy,” Mosemann added. The company’s new platforms such as hopper, L40S and Grace-Hopper will further drive upside, according to the analyst. To be sure, Mosemann acknowledged that Nvidia’s supply is constrained in the near-term. However, he forecasts constraints lifting in 2025, which would then raise the company’s earnings per share power to a degree not reflected in the current valuation — and justifying the price target increase. “NVDA’s unmatched software capabilities and exposure to secular AI and data center tailwinds reinforce its position as a top secular grower even amidst competition,” Mosemann said. Shares were last up nearly 3%. NVDA 1D mountain Nvidia shares Intraday —CNBC’s Michael Bloom contributed to this report.