Morgan Stanley Maintains Nvidia Overweight, $288 Price Target Implies 36.5% Upside

NVDA4.06%
Morgan Stanley analyst Joseph Moore reiterated an overweight rating on Nvidia (NVDA-US) on Friday, July 10, maintaining a price target of $288 per share. Based on Friday's closing price of $210.96, the target implies approximately $77.04 or 36.5% potential upside. Moore's report highlights four growth drivers to address market concerns over peaked demand: AI labs (currently ~20% of demand, with Nvidia's market share recovering to nearly 50%), hyperscale cloud providers (representing half of current revenue), sovereign AI initiatives (growing as countries build domestic infrastructure), and emerging cloud providers and enterprise customers (adoption accelerating via new revenue-sharing models). The analyst noted Nvidia's customer base is diversifying beyond historical dependence on a few hyperscalers. Nvidia's revenue grew 71% year-over-year to $253.5 billion over the trailing twelve months, with a price-to-earnings-to-growth ratio of 0.28.
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