Goldman Sachs Expects Nvidia To 'Sustain Competitive Lead,' Raises Price Forecast To $1,200 Following Stellar Q1 Earnings
Goldman Sachs Expects Nvidia To 'Sustain Competitive Lead,' Raises Price Forecast To $1,200 Following Stellar Q1 Earnings
Goldman Sachs has increased its 1-year price target for Nvidia Corp. (NASDAQ:NVDA) from $1,100 to $1,200, maintaining a 'Buy' rating, after the chipmaker giant reported remarkable earnings for the first quarter of the year.
高盛已将英伟达公司（纳斯达克股票代码：NVDA）的1年目标股价从1,100美元上调至1200美元，维持了 “买入” 评级，此前这家芯片制造商巨头公布了今年第一季度的可观收益。
Analyst Toshiya Hari highlighted that Nvidia's Data Center revenue growth, which surged 427% year-over-year, was a key driver for this upgraded bullish outlook.
分析师Toshiya Hari强调，英伟达的数据中心收入同比增长427％，是看涨前景升级的关键驱动力。
"We believe the pace of innovation at which Nvidia is moving will allow the company to sustain its competitive lead," Hari wrote in a note published on Thursday.
哈里在周四发布的一份报告中写道：“我们相信，英伟达的创新步伐将使该公司能够保持其竞争领先地位。”
In sum, Nvidia's latest earnings report not only showcased its strong performance but also highlighted its potential for continued growth.
总而言之，Nvidia的最新收益报告不仅展示了其强劲的表现，还强调了其持续增长的潜力。
Chart: Goldman Sachs Hikes Nvidia's Price Target To $1,200
图表：高盛将英伟达的目标股价上调至1200美元
Read also: Nvidia Q1 Results Prove AI Revolution Is 'Real' And Jensen Huang-Led Company Is The 'Beneficiary,' Says Analyst
另请阅读： 分析师表示，英伟达第一季度的业绩证明人工智能革命是 “真实的”，黄延森领导的公司是 “受益者”
Strong Earnings And Future Guidance
强劲的收益和未来指导
Last quarter, Nvidia's revenue reached $26 billion, marking an 18% quarter-over-quarter increase and a 262% year-over-year growth. Looking ahead, Nvidia provided optimistic guidance for current quarter, projecting revenue to reach $28 billion, which represents an 8% increase quarter-over-quarter and a 107% rise year-over-year, surpassing Wall Street expectations.
上个季度，英伟达的收入达到260亿美元，同比增长18％，同比增长262％。展望未来，英伟达为本季度提供了乐观的指导，预计收入将达到280亿美元，同比增长8％，同比增长107％，超过华尔街的预期。
The earnings report addressed investor concerns about a potential slowdown in Data Center revenue in the latter half of 2024, according to Hari.
哈里表示，该收益报告解决了投资者对2024年下半年数据中心收入可能放缓的担忧。
Goldman Sachs believes that Nvidia's upcoming product launches, including the H200, H20, B100, GB200 in Compute, and Spectrum-X in Networking, alongside strong demand for the H100, indicate sustained growth.
高盛认为，英伟达即将推出的产品，包括H200、H20、B100、计算领域的 GB200 和网络领域的Spectrum-X，以及对H100的强劲需求，都表明了持续增长。
Additionally, the anticipated supply tightness for the H200 and the Blackwell generation products, particularly the GB200, further solidified the positive outlook.
此外，H200和布莱克韦尔一代产品，特别是 GB200 的预期供应紧张，进一步巩固了乐观的前景。
Goldman Sachs Predicts Nvidia Surge to $1,200: Bullish vs. Bearish Scenarios
高盛预测英伟达将飙升至1200美元：看涨情景与看跌情景
Goldman Sachs offered an in-depth bull/bear analysis to evaluate Nvidia's share risk/reward potential.
高盛提供了深入的牛市/熊市分析，以评估英伟达的股票风险/回报潜力。
The most bullish scenario envisions a 133% potential upside for the stock to $2,344, driven by a 100% year-over-year growth in Data Center revenue in 2025. This optimistic view estimates that Data Center revenue could reach $222.4 billion by 2025.
最看涨的情况是，受2025年数据中心收入同比增长100％的推动，该股的潜在上涨幅度为133％，至2344美元。这种乐观的观点估计，到2025年，数据中心收入可能达到2224亿美元。
Conversely, the most bearish scenario suggests a 75% potential downside to $248, assuming a more conservative 40% compound annual growth rate (CAGR) in Data Center revenue, reaching $41 billion by 2025, reflecting that the current growth momentum in Generative AI does not sustain.
相反，最悲观的情景表明，假设数据中心收入的复合年增长率（CAGR）更为保守，到2025年达到410亿美元，潜在下跌幅度为248美元，这表明生成式人工智能当前的增长势头无法维持。
As downside risks, the investment bank included potential declines in Generative AI infrastructure spending, further restrictions on GPU exports, weaker demand for Gaming GPUs, delays in new product launches, and ongoing supply chain issues.
作为下行风险，该投资银行包括生成式人工智能基础设施支出可能下降、对GPU出口的进一步限制、对游戏GPU的需求疲软、新产品发布的延迟以及持续的供应链问题。
Goldman Sachs' Scenario Analysis On NVIDIA
高盛对NVIDIA的情景分析
| Most Bearish | Bearish | Base | Bullish | Most Bullish | |
|---|---|---|---|---|---|
| Stock valuation | $248 | $676 | $1,200 | $1,746 | $2,344 |
| vs. current price | -75% | -33% | 19% | 73% | 133% |
| Data Center revenue in 2025 ($ bn) | 41.1 | 97.7 | 154.2 | 188.3 | 222.4 |
| year-on-year growth in DC revenue | -63% | -12% | 39% | 69% | 100% |
| 最看跌 | 看跌 | 基地 | 看涨 | 最看涨 | |
|---|---|---|---|---|---|
| 股票估值 | 248 美元 | 676 美元 | 1,200 美元 | 1,746 美元 | 2,344 美元 |
| 与当前价格相比 | -75% | -33% | 19% | 73% | 133% |
| 2025 年数据中心收入（亿美元） | 41.1 | 97.7 | 154.2 | 188.3 | 222.4 |
| 华盛顿特区收入同比增长 | -63% | -12% | 39% | 69% | 100% |
"We believe risk/reward on the stock is favorable," Hari stated.
哈里说：“我们认为该股的风险/回报是有利的。”
The updated price target of $1,200 is based on a 50x multiple of Goldman Sachs' normalized earnings per share (EPS) estimate of $24.00, up from $22.00.
更新的目标股价为1200美元，是基于高盛正常化每股收益（EPS）估计值的50倍，即24.00美元，高于22.00美元。
Shares of Nvidia were up by over 7% during the premarket trading Thursday, and the VanEck Semiconductor ETF (NASDAQ:SMH) was 3.3% higher.
在周四的盘前交易中，英伟达的股价上涨了7％以上，VanEck半导体ETF（纳斯达克股票代码：SMH）上涨了3.3％。
Read now: Jensen Huang Says 'Other Blackwells Coming' Even As Nvidia Gears Up For 'Lot Of Blackwell Revenue' This Year: 'It's Going To Be Terrific'
立即阅读： 尽管英伟达今年为 “布莱克韦尔的大量收入” 做准备，但黄仁森说 “其他布莱克威尔即将到来”：“这会很棒”
Image: Shutterstock
图片：Shutterstock
译文内容由第三方软件翻译。