Baird reiterates Nvidia stock rating amid board investigation
Baird maintains an "Outperform" rating and a $500 price target for Nvidia stock (NASDAQ:NVDA) following the company's announcement of an independent investigation into its CEO. The stock's recent 7.6% decline has prompted the rating, but data suggests the semiconductor leader remains undervalued, with a significant upside potential.
Nvidia's board launched the investigation in light of recent reports claiming an intelligence effort targeted the CEO. The company's valuation currently appears attractive, given its 83% revenue growth. An upcoming congressional hearing on November 18 will likely focus on GPU exports and legal loopholes. Nvidia's shipments to China for H200 units were minimal in the second fiscal quarter and are not part of the company's guidance.
GPU lead times remain stretched at 40 weeks, with supply constraints ongoing. Nvidia is also converting Asia-based crypto-currency facilities into GPU-based data centers, and is exploring retrofitting existing telecom buildings into small AI data centers.
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