Nvidia Corp. shares (NVDA) are up 1% in premarket trading Wednesday after Jefferies analyst Mark Lipacis lifted his price target to $315, the highest target listed on FactSet, ahead of the company's Thursday afternoon earnings report (). His prior target price was $255. "We expect Nvidia to report positive trends in its [data-center] business," he wrote, as cloud players Amazon.com Inc. (AMZN), Microsoft Corp. (MSFT), and Facebook Inc. (FB) all reported sequential growth in capital spending for the fourth quarter. "This is consistent with Nvidia's commentary at CES suggesting strength in data-center revenues in 4Q19 and 1Q20," Lipacis wrote. Another target hike came from Susquehanna analyst Christopher Rolland, who raised his price target to $310 from $285, with his new target now the second highest listed on FactSet. "While Intel was cautious in its data-center forecast for the rest of 2020, we expect Nvidia to release new data-center GPUs in 2020 (likely at GTC) that should reaccelerate growth in this segment upon launch," Rolland wrote. Shares have added 28% over the past three months, as the S&P 500 has climbed 8.6%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 12, 2020 08:03 ET (13:03 GMT)
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