Nvidia’s AI, Metaverse Investments Keep Business Humming After Crypto Mining Demand Withers by ninabambysheva
is likely to report Q1 results Wednesday that show investments in artificial intelligence and metaverse offerings are paying off and replacing much of the chipmaker’s loss of semiconductor sales related to ether mining.
KeyBank reiterated its Overweight rating for the company’s stock and raised the price target to $375 from $320. The shares wereMatt Bryson, analyst at Wedbush Securities, gave the stock a neutral rating with a more conservative target price of $290 but agreed that “with AI demand seemingly creating a strong tailwind for Nvidia through at least the next 12 months,” there’s “no fundamental stumbling block for the stock.
Wall Street analysts expect Nvidia’s Q1 sales to come at $6.5 billion down 22% from $8.3 billion a year earlier, with EPS of 92 cents, a 17% decrease from $1.11, according to Bloomberg. Net income is expected at $2.2 billion, down from $2.8 billion reported last May.
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