NVIDIA : Jefferiesconfirms its Buy rating on the stock
September 02, 2024 at 10:43 am EDT
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Jefferies maintains its Buy rating on Nvidia shares, with an unchanged price target of $150.
The analyst reports that demand has been sustained for Hopper products (the graphics processor microarchitecture developed by Nvidia), but that results have not met the market's high expectations.
Although the delay of the 'Blackwell' series of chips has been a source of concern, the situation is now under control with a timely launch expected, which should generate several billion dollars in revenues as early as the fourth quarter, Jefferies believes.
The broker indicates that third-quarter expectations are 'positive' but 'slightly below investor expectations'.
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NVIDIA Corporation is the world leader in the design, development, and marketing of programmable graphics processors. The group also develops associated software. Net sales break down by family of products as follows:
- computing and networking solutions (55.9%): data center platforms and infrastructure, Ethernet interconnect solutions, high-performance computing solutions, platforms and solutions for autonomous and intelligent vehicles, solutions for enterprise artificial intelligence infrastructure, crypto-currency mining processors, embedded computer boards for robotics, teaching, learning and artificial intelligence development, etc.;
- graphics processors (44.1%): for PCs, game consoles, video game streaming platforms, workstations, etc. (GeForce, NVIDIA RTX, Quadro brands, etc.). The group also offers laptops, desktops, gaming computers, computer peripherals (monitors, mice, joysticks, remote controls, etc.), software for visual and virtual computing, platforms for automotive infotainment systems and cloud collaboration platforms.
Net sales break down by industry between data storage (55.6%), gaming (33.6%), professional visualization (5.7%), automotive (3.4%) and other (1.7%).
Net sales are distributed geographically as follows: the United States (30.7%), Taiwan (25.9%), China (21.5%) and other (21.9%).
NVIDIA CORPORATION 
