Daiwa Capital Markets analyst Louis Miscioscia expects more clarity at Nvidia’s upcoming GTC event in Paris on June 11, where the company is likely to share updates on its AI chip roadmap.

Nvidia’s (NVDA) shares remained flat in pre-market trade on Thursday despite a price target hike by Daiwa Capital Markets analyst, who stated that the chipmaker is “back in the driver’s seat.”

The brokerage raised its price target on the chipmaker to $165 from $115, implying an upside of approximately 16% from Wednesday’s close, and maintained an ‘Outperform’ rating, as cited by CNBC.

Daiwa Capital Markets analyst Louis Miscioscia said the AI bellwether’s first quarter (Q1) earnings were impressive. He highlighted growing demand from key customers like Microsoft (MSFT), OpenAI, and Google for AI inference, suggesting that these tech giants are expanding their use of Nvidia’s AI hardware.

“We are back in a rally phase given good quarterly growth and the same expectation for 2025,” Miscioscia wrote. “CEO [Jensen] Huang suggests that AI demand is accelerating with many more areas to grow into.”

Miscioscia expects more clarity at Nvidia’s upcoming GTC event in Paris on June 11, where the company is likely to share updates on its AI chip roadmap. 

He also said the rollout of Nvidia’s new Blackwell architecture is “going very well” and projected that gross margins could return to the mid-70% range later this year.

Out of the 63 analysts covering Nvidia’s stock, 56 give it a ‘Buy’ Or ‘Strong Buy’ rating, while six said ‘Hold,’ and only one has a ‘Sell’ rating. The 12-month average price target on the shares stands at $172.06, implying an upside of 21% from Wednesday’s close.

Although Nvidia stock has risen 4% year-to-date, it has seen periods of pressure, including concerns about U.S. tariffs and competition from Chinese chipmaker DeepSeek.

Over the past 12 months, the shares have gained more than 22%. 

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