NVIDIA target raised to $1100 at UBS (914.35)
UBS raises their NVDA tgt to $1100 from $800. Analyst Timothy Arcuri noted, "Following the Blackwell launch and having attended several sessions at GTC, we believe NVDA sits on the cusp of an entirely new wave of demand from global enterprises and sovereigns - with each sovereign potentially as big as a large US cloud customer (NVDA mentioned Middle East (we think UAE and Saudi Arabia most significantly), Sweden, Japan, Korea, and Malaysia in the keynote in addition to major projects in other regions like Singapore, Switzerland, France and others). We now see another solid growth year in C2025 with revenue approaching $150B (~30% growth) and we raise estimates and PT to $1100. New pre-packaged and pre-trained modular AI models (NIMs) announced together with Blackwell should also accelerate the distribution flywheel for NVDA's AI solutions to ride alongside enterprise software. The entire framework creates a central distribution structure similar to an app store and given the vast array of companies to potentially license NVDA's AI Enterprise software ($4500/GPU/yr), monetization can add up quickly. A broader mix of SKUs with Blackwell - ranging from plug and play B100 boards/servers to full rack-scale systems (GB200 NVL72) - will also add revenue headroom and growth potential into C2025. Our concerns about NVDA's supply and ability to beat Street numbers - especially for FQ3 (Oct) - have not gone away, but we would view any near-term weakness as an attractive buying opportunity given what we think is still out in front of us."