"NVIDIA will rise more than 30%"... Goldman Sachs also gives a 'bold forecast'

Investment bank (IB) Goldman Sachs raised its price target for NVIDIA, which posted strong third-quarter results.

On the 20th, Goldman Sachs raised NVIDIA's price target from $240 to $250. It maintained a 'Buy' rating. It assessed that there is about a 34% upside potential compared to the closing price on the 19th.

Goldman Sachs said, "(Third-quarter) results and guidance (its own forecast) also exceeded Wall Street expectations," and analyzed that "there is additional upside potential compared to Wall Street consensus and the current stock price is in a relatively attractive valuation (price level relative to earnings) range."

It added, "NVIDIA maintains sustained competitiveness in the AI training field," and said that "the possibility that data center revenue in 2025–2026 could exceed the forecast of $500 billion helped allay investors' concerns."

NVIDIA also posted record-high results. NVIDIA said on the 19th (local time) that its fiscal third-quarter (August–October) revenue increased 62% year over year to a record $57.01 billion (approximately KRW 83.4 trillion).

This exceeds the market forecast of $54.92 billion compiled by market research firm LSEG. Data center revenue rose 66% year over year to a record $51.2 billion. This accounts for nearly 90% of total revenue.

Gaming recorded $4.3 billion, up 30% year over year, but down 1% compared with the previous quarter. Professional visualization and automotive & robotics revenues were $760 million and $590 million, respectively. Earnings per share (EPS) was $1.30, also exceeding the market forecast of $1.25.

CEO Jensen Huang declared, "Blackwell sales are too high to be shown on a chart, and cloud GPUs are sold out," and said, "We have entered a virtuous cycle of AI."

Jinkyu Maeng, reporter maeng@hankyung.com