Five-star Wells Fargo Analyst Aaron Lakers believes NVIDIA (NVDA) shares are seen as “purchase opportunities” ahead of Chipmaker’s annual GTC (GPU Technology Conference) event, an AI conference for developers. Historically, Nvidia’s stock has surpassed the Philadelphia Semiconductor Index in the weeks surrounding the GTC event. Over the past five years, Nvidia has averaged 6.4% returns in GTC week and 4.5% returns in the two weeks after the event.
The Lakers hope Nvidia will talk about joint packaging optics. This is a technology that uses light to transfer data between computer components, which is the focus of investors. While Lakers are not expecting a major announcement on joint packaging optics at the GPU level, they are hoping that Nvidia will integrate the technology to some degree into its switch and networking portfolio. Other expected topics include the introduction of Blackwell Ultra, Nvidia’s inference capabilities, and the expansion of NVLink technology.
Laker also expects discussions will take place over the monetization of Nvidia’s software and expansion of its projects announced in January. Additionally, the company may provide up-to-date information on its automotive business. With an overweight rating at NVIDIA and a $185 price target, Lakers remain bullish on the company’s outlook.
Is NVDA the right stock to buy?
Overall, analysts remain bullish on NVDA stocks, with a strong buy consensus rating based on 39 purchases and three holds over the past three months. Additionally, the average NVDA price target of $177.41 per share means a 61.9% increase from current levels.
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