Nvidia Price Target Hiked Ahead of Earnings Amid Growing Demand for Vera Rubin

Nvidia NVDA is getting a boost from analyst Jeff Pu, who has raised his price target for the chipmaker's stock to $345 ahead of its upcoming quarterly earnings report.

Pu, a veteran analyst with GF Securities, maintains a Buy rating for Nvidia and believes that demand for its next-generation Vera Rubin platform will drive growth in the company's product cycle.

The analyst points out that new orders and Nvidia's system design approach are supporting this trend, which could also see additional demand coming from cloud providers and newer AI infrastructure companies.

Pu notes that Microsoft MSFT, Amazon AMZN, Alphabet's Google GOOG, and Oracle ORCL have all increased their use of Vera Rubin, while also highlighting potential benefits for Nvidia in its competition with custom accelerator chips and rival platforms.