Mizuho sees 'substantial AI upside' for Nvidia, AMD and Broadcom
Analysts at Mizuho raised their price targets for AI-related stocks NVIDIA (NVDA), Broadcom (NASDAQ:AVGO), AMD (NASDAQ:AMD) and Credo Technology Group Holding (NASDAQ:CRDO) in a note this week, saying they expect the companies to report strong earnings.
The firm lifted the Nvidia (NASDAQ:NVDA) target to $825, the AVGO target to $1,450, the AMD target to $200 and the CRDO target to $28 per share. They also raised estimates for the names.
While expectations for NVDA, AVGO, and AMD are high, especially with the ~40% to 60% run-up year-to-date, Mizuho believes near-term demand outstrips supply on H100. As a result, they «see substantial AI upside» for the stocks.
Meanwhile, the firm also feels that B100 is set up for strong 2024 guidance, while continued hyperscaler capex and CoWoS capacity «improves positioning for upside in AI.»
While all of the companies mentioned are top picks for Mizuho heading into earnings, the firm continues to see NVDA as the best artificial intelligence and machine learning play.
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