Goldman Sachs remains bullish on Nvidia, a leading artificial intelligence chip maker, ahead of its second-quarter earnings report on August 28. Shares have come under pressure in recent weeks, rising less than 2% in the third quarter, as market volatility intensified and the sustainability of the artificial intelligence industry came into question. Nvidia has fallen 11% since hitting an all-time high in mid-June. NVDA YTD mountain Nvidia 2024 analyst Toshiya Hari reiterated his Buy rating and $135 12-month price target in a note to clients on Sunday, saying Goldman Sachs expects “Nvidia to report FY2Q (July) revenue and earnings per share beat Wall Street consensus, driven by upside data center revenue and strong operating leverage. Despite recent reports that the company’s Blackwell chip shipments may be delayed, Hari sees little impact on its profitability in 2025. .And Nvidia’s strong performance and competitive position in artificial intelligence/accelerated computing remains intact,” Harry said. “From a stock perspective, we believe NVDA’s setup is constructive, with the stock trading at 42x consensus EPS (next 12 months), a relative premium of just 46% (versus the past 3 years). The median is 151%)),” he added. Goldman Sachs analysts wrote that demand for artificial intelligence infrastructure remains strong. He also predicts Nvidia will have more opportunities in the data center field. Goldman Sachs predicts that data center revenue will achieve double-digit growth by 2026.
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