Export Restrictions Can't Hold Nvidia Down

$NVIDIA(NVDA.US)$ KeyBanc analyst John Vinh has set a $230 price target on Nvidia, citing the company's ability to offset export restrictions to China.

In August, the U.S. government announced a new license requirement for U.S. companies exporting A100 chips to China and Russia.

The ensuing $702 million write-down of A100 chips contributed to Nvidia's earnings per share (EPS) miss in the previous quarter.

However, Nvidia has now managed to work around the rule change with alternative A800 chips.

Tigress Financial analyst Ivan Feinseth's bullish thesis is based on Nvidia's leading position in the artificial intelligence (AI) industry.

The analyst also pointed out that numerous new products and partnerships should help overcome new near-term headwinds in the long run.

Still, due to a repricing of NVDA's current valuation — the stock currently trades at price-to-earnings multiples of 72 times — Feinseth has reduced his previous price target from $310 to $250. But that's nearly 40% above the current share price of $171 per share.