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.
高盛已將英偉達公司（納斯達克股票代碼：NVDA）的1年目標股價從1,100美元上調至1200美元，維持了 “買入” 評級，此前這家芯片製造商巨頭公佈了今年第一季度的可觀收益。
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.
分析師Toshiya Hari強調，英偉達的數據中心收入同比增長427％，是看漲前景升級的關鍵驅動力。
"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.
哈里在週四發佈的一份報告中寫道：“我們相信，英偉達的創新步伐將使該公司能夠保持其競爭領先地位。”
In sum, Nvidia's latest earnings report not only showcased its strong performance but also highlighted its potential for continued growth.
總而言之，Nvidia的最新收益報告不僅展示了其強勁的表現，還強調了其持續增長的潛力。
Chart: Goldman Sachs Hikes Nvidia's Price Target To $1,200
圖表：高盛將英偉達的目標股價上調至1200美元
Read also: Nvidia Q1 Results Prove AI Revolution Is 'Real' And Jensen Huang-Led Company Is The 'Beneficiary,' Says Analyst
另請閱讀： 分析師表示，英偉達第一季度的業績證明人工智能革命是 “真實的”，黃延森領導的公司是 “受益者”
Strong Earnings And Future Guidance
強勁的收益和未來指導
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.
上個季度，英偉達的收入達到260億美元，同比增長18％，同比增長262％。展望未來，英偉達爲本季度提供了樂觀的指導，預計收入將達到280億美元，同比增長8％，同比增長107％，超過華爾街的預期。
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，該收益報告解決了投資者對2024年下半年數據中心收入可能放緩的擔憂。
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.
高盛認爲，英偉達即將推出的產品，包括H200、H20、B100、計算領域的 GB200 和網絡領域的Spectrum-X，以及對H100的強勁需求，都表明了持續增長。
Additionally, the anticipated supply tightness for the H200 and the Blackwell generation products, particularly the GB200, further solidified the positive outlook.
此外，H200和布萊克韋爾一代產品，特別是 GB200 的預期供應緊張，進一步鞏固了樂觀的前景。
Goldman Sachs Predicts Nvidia Surge to $1,200: Bullish vs. Bearish Scenarios
高盛預測英偉達將飆升至1200美元：看漲情景與看跌情景
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，以評估英偉達的股票風險/回報潛力。
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.
最看漲的情況是，受2025年數據中心收入同比增長100％的推動，該股的潛在上漲幅度爲133％，至2344美元。這種樂觀的觀點估計，到2025年，數據中心收入可能達到2224億美元。
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，最悲觀的情景表明，假設數據中心收入的複合年增長率（CAGR）更爲保守，到2025年達到410億美元，潛在下跌幅度爲248美元，這表明生成式人工智能當前的增長勢頭無法維持。
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.
作爲下行風險，該投資銀行包括生成式人工智能基礎設施支出可能下降、對GPU出口的進一步限制、對遊戲GPU的需求疲軟、新產品發佈的延遲以及持續的供應鏈問題。
Goldman Sachs' Scenario Analysis On NVIDIA
高盛對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 | 看漲 | 最看漲 | |
|---|---|---|---|---|---|
| 股票估值 | 248 美元 | 676 美元 | 1,200 美元 | 1,746 美元 | 2,344 美元 |
| 與當前價格相比 | -75% | -33% | 19% | 73% | 133% |
| 2025 年數據中心收入（億美元） | 41.1 | 97.7 | 154.2 | 188.3 | 222.4 |
| 華盛頓特區收入同比增長 | -63% | -12% | 39% | 69% | 100% |
"We believe risk/reward on the stock is favorable," Hari stated.
哈里說：“我們認爲該股的風險/回報是有利的。”
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.
更新的目標股價爲1200美元，是基於高盛正常化每股收益（EPS）估計值的50倍，即24.00美元，高於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.
在週四的盤前交易中，英偉達的股價上漲了7％以上，VanEck半導體ETF（納斯達克股票代碼：SMH）上漲了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'
立即閱讀： 儘管英偉達今年爲 “布萊克韋爾的大量收入” 做準備，但黃仁森說 “其他布萊克威爾即將到來”：“這會很棒”
Image: Shutterstock
圖片：Shutterstock
譯文內容由第三人軟體翻譯。