Rasgon highlighted that Nvidia is cheaper than other semiconductor firms, despite its massive earnings. The company's last earnings report showed a record revenue of $14.51 billion in the third quarter, a 279% gain from the same quarter in the prior year. The company's stock has climbed 223% through 2023, largely driven by developments in AI and the launch of new products like the Grace Hopper super chip and an upgrade to its H200 GPU.
Key takeaways:
- Nvidia's stock is expected to continue rising, according to Bernstein senior analyst Stacy Rasgon, who holds a price target of $700 for the company.
- The company's earnings are outpacing the rise of its stock, making Nvidia's multiples highly attractive.
- Nvidia's semiconductors, often used to create the infrastructure used by emerging AI technology, have given the company a massive boost.
- Rasgon highlighted the launch of new products, such as the Grace Hopper super chip and a coming upgrade to its H200 GPU, as factors that will keep Nvidia on top.