Nvidia is 'back in the driver's seat' after latest earnings, Daiwa says
Nvidia could have more room to run, according to Daiwa Capital Markets. The firm raised its price target on the chipmaker to $165 per share from $115 and reiterated its outperform rating. Daiwa's forecast calls for about 16% upside from Wednesday's close. Analyst Louis Miscioscia said in a Wednesday note that Nvidia is "back in the driver's seat." He lauded the company's first-quarter results released last week . He also noted that the company has multiple growth drivers that underpin his optimistic view — including robust inference demand from Microsoft, OpenAI and Google, which could signal a growing appetite for Nvidia chips. NVDA YTD mountain Nvidia stock in 2025. "We are back in a rally phase given good quarterly growth and the same expectation for 2025," Miscioscia said. "CEO [Jensen] Huang suggests that AI demand is accelerating with many more areas to grow into. We expect material details about this at the Paris GTC starting on Wednesday 6/11. Our conclusion remains that AI is a huge tech trend, bigger than world changing events like the PC, smartphone, Internet, etc., thus there is more to come." "The Blackwell ramp is going very well," Miscioscia said of Nvidia's key AI chip. Gross margins "should get back to the mid 70's later this year." Shares have gained about 6% in 2025, but they've been under pressure at times this year from tariffs and the emergence of DeepSeek. Analysts are mostly bullish on Nvidia. Of the 65 who cover the stock, 59 rate it a buy or strong buy, according to LSEG. The average price target also points to nearly 23% upside.
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