HSBC Starts NVIDIA (NVDA) at Reduce

HSBC analyst Frank Lee initiates coverage on NVIDIA (NASDAQ: NVDA) with a Reduce rating and a price target of $136.00.

The analyst comments "We are bullish on NVIDIA’s revenue growth potential in 5-10 years, as the company is a leading supplier of chips for autos, Artificial Intelligence (AI) enterprise software, and its own Omniverse software used for AI and metaverse applications. NVIDIA has a combined total addressable market (TAM) of USD400bn, but it relies mostly on AI, where it dominates the market with an 80% share, as revenue from software isn’t big enough for NVIDIA to have revenue targets despite the large TAM while automotive revenue accounts for just 3% of total FY23e (year ending January 2023e) sales."

For an analyst ratings summary and ratings history on NVIDIA click here. For more ratings news on NVIDIA click here.

Shares of NVIDIA closed at $176.74 yesterday.

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