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The chip manufacturer NVIDIA is set to report its first-quarter earnings for the fiscal year 2025 on May 22. Ahead of this significant event, several analysts have already adjusted their price targets for the AI beneficiary. Now, experts from Wells Fargo are following suit.
NVIDIA’s stock has continued its upward trajectory amid the ongoing AI hype, having gained 84.48% since the beginning of the year. On Tuesday, it closed 1.06% higher at $913.56 on the NASDAQ, following an upward revision of the price target by Aaron Rakers, an analyst at the US investment bank Wells Fargo.
In an analysis released on Tuesday, Rakers and his team raised their price target for NVIDIA by approximately 19%, bringing it to $1,150 from a previous target of $970. They maintained their “Buy” recommendation. The primary reason Rakers cited for the increased potential in NVIDIA’s stock was the company’s data center business. “We are optimistic for the first quarter,” the analyst told “Der Aktionär.” “We now expect data center revenue between $23 and $24 billion.” In contrast, the Wall Street consensus is around $21 billion. This higher expectation from the Wells Fargo team is supported by data points from the quarter, a reduction in H100 GPU lead times to about ten weeks, initial shipments of the H200 chip, and cloud investments from hyperscalers such as Meta, Microsoft, Google, and Amazon Web Services, as reported by “Seeking Alpha.”
Additional signs of a strong quarter include purchases by Super Micro Computer, which in the first quarter are likely to have been 70% comprised of NVIDIA products. Moreover, Taiwanese export data for the three months up to April showed a 360% year-over-year increase and a 33% quarterly increase, figures that have historically “strongly correlated with NVIDIA’s data center revenue,” according to “Seeking Alpha” quoting the Wells Fargo study.
Looking further ahead, Aaron Rakers and his team remain optimistic, raising their revenue estimates for NVIDIA’s data center business. The analysts now predict that this metric will reach $93.2 billion in 2025, $126.4 billion in 2026, and $151.4 billion in 2027, as reported by “Seeking Alpha.”
Other analysts share the bullish outlook on NVIDIA. Earlier in the week, experts from Jefferies and HSBC also significantly raised their price targets for the company. According to “TipRanks,” the average price target for NVIDIA’s stock is now $1,021.27. The most optimistic forecast comes from Hans Mosesmann of Rosenblatt Securities, who believes the stock could reach $1,400.