Nvidia stock jumped on Tuesday after Goldman Sachs added the chipmaker to its “Conviction Buy” list. Goldman analysts upgraded Nvidia stock to “Buy” from “Neutral” and raised their price target to $325 from $280.
In a note to investors, Goldman analysts said that Nvidia is well-positioned to benefit from the long-term secular trends of data center growth and artificial intelligence (AI) adoption.
Goldman analysts said the data center market is expected to grow at a compound annual growth rate (CAGR) of 18% over the next five years, driven by the growing demand for AI and machine learning workloads. Nvidia is a leading provider of data center graphics processing units (GPUs) used for AI and machine learning applications.
Goldman analysts also said that Nvidia is well-positioned to benefit from the growing adoption of AI in various industries, including healthcare, manufacturing, and retail.
The upgrade from Goldman Sachs comes as Nvidia stock has been under pressure in recent months due to concerns about a potential slowdown in the semiconductor market. However, Goldman analysts believe that Nvidia is a “uniquely positioned” company well-positioned to weather any short-term market volatility.
Nvidia stock is up more than 10% in pre-market trading on Tuesday following the Goldman Sachs upgrade.
The upgrade from Goldman Sachs is a positive sign for Nvidia stock. Goldman analysts are bullish on the company’s long-term prospects and believe that Nvidia is well-positioned to benefit from the secular trends of data center growth and AI adoption.
Investors should watch Nvidia stock in the coming weeks and months to see if it can maintain its momentum.
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