Nvidia stock outlook: Bernstein sees upside to $325 a share

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Nvidia Corporation (NASDAQ: NVDA) has picked up significantly in recent days but a Bernstein analyst is convinced the stock is not out of juice just yet.

Rasgon sees a 22% upside in Nvidia stock

Stacy Rasgon rates Nvidia a “buy” with a price target of $325 that represents another 22% upside from here. Defending his bullish call on CNBC’s “TechCheck”, he said:

Nvidia is a package of open-ended option values. This is the nice thing about Nvidia. They’re creating new markets, they’re creating big TAMs, and so far, they’ve been delivering against those ideals. That’s why it gets the multiple.

Last month, Nvidia reported record sales for its fiscal Q4 and offered upbeat guidance for the future. The stock trades at a PE multiple of 69.58 at present.

Nvidia has a long-term opportunity in data centres

The Bernstein analyst sees opportunity for Nvidia in the software space but is particularly bullish on its long-term prospects in data centres. He added:

There’s a paradigm shift going on as we reach the limits of prior data centre architecture. We need to do something else to keep performance and efficiency growing. We’re offloading workloads into other types of Silicon they’re providing and the opportunity for that is massive.

Rasgon also reiterated that Nvidia is an essential part of the broader metaverse story. Also on Tuesday, Nvidia announced BYD and Lucid Group as new EV customers.

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