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Goldman Sachs raises Nvidia’s price target by 30 percent showing bullish sentiments

Goldman Sachs raises Nvidia’s price target by 30 percent showing bullish sentiments
Goldman Sachs raises Nvidia’s price target by 30 percent showing bullish sentiments
Goldman Sachs released a statement earlier in the week, saying that it has bullish sentiment on Nvidia, citing momentum for its gaming business arm.

Stocks of Nvidia saw a 30% rise for the current year as Goldman Sachs raised the chipmaker’s price target from $179 to $192.

Delivering a keynote to clients, Toshiya Hari a senior executive of Goldman Sachs gave a statement which briefly stated that along with assistance by the normalization in Nvidia’s channel inventory and the launch of its new products, Goldman expects Nvidia to deliver strong sequential growth in FY3Q (Oct) for the gaming niche.

Gaming is Nvidia’s largest segment, producing $1.31 billion in revenue for the Q2 back in the previous month, Gaming is Nvidia’s largest segment followed by its data center segment which reportedly produced $655 million in revenue for the same time period.

In his Keynote, Hari stated that the entire team of Goldman is confident that Nvidia will continue to grow in the gaming sector as it emphasizes on improving trends.

Hari also stated that in the long-term, Nvidia investors will highly emphasize on the chipmakers move into cloud gaming.

As per a statement given by Hari, in FY4Q (Jan), Goldman expects the yoy segment’s revenue growth to reach positive territory with a further acceleration into 1HFY21.

Nvidia is expected to have a 27percent year-on-year growth as per forecasted by Goldman.