Nvidia will surge another 22%, and is still cheap compared to peers despite nearly doubling this year, Goldman Sachs says [Yahoo! Finance]
Meta Platforms, Inc. - Class A (META)
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Source: Yahoo! Finance
The bank argued that Nvidia's valuation is still relatively cheap given its fast growth rate. Goldman was encouraged by strong spending trends on AI infrastructure by mega-cap tech giants. Nvidia stock still has plenty of upside even after its year-to-date rally of 81%, according to a Tuesday note from Goldman Sachs. The bank raised its Nvidia price target to $1,100 from $1,000, representing potential upside of 22% from current levels. According to Goldman, Nvidia stock still trades at a relatively attractive valuation compared to its peers given how quickly it is growing and how durable those growth trends look in the coming years. "We see positive EPS revisions driving another leg up in the stock, especially with NVDA trading at 35x or only a 36% premium to our coverage universe vs. its past 3-year median premium of 160%," Goldman Sachs analyst Toshiya Hari said. Hari was specifically encouraged by recent comments from the mega-cap tech giants, which suggested on their
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