HSBC Analyst Sees Nvidia Stock Climbing Another 50% On Strong Pricing Power, AI Roadmap
HSBC Analyst Sees Nvidia Stock Climbing Another 50% On Strong Pricing Power, AI Roadmap
HSBC Global Research maintained Nvidia Corp (NASDAQ:NVDA) with a Buy rating Monday and lifted its 12-month price target as the firm believes the chipmaker's strong pricing power will allow the company to continue to deliver upside surprises through fiscal-year 2026.
匯豐環球研究週一維持英偉達公司（納斯達克股票代碼：NVDA）的買入評級，並上調了12個月的目標股價，因爲該公司認爲該芯片製造商強大的定價能力將使該公司能夠在2026財年之前繼續提供上行驚喜。
What To Know: In a new note to clients, HSBC analyst Frank Lee emphasized that Nvidia has robust pricing power in its NVL36/NVL72 server rack system and GB200 platform. The analyst maintained an optimistic outlook on the stock with a Buy rating and elevated target price of $1,350, up from $1,050.
須知：匯豐銀行分析師弗蘭克·李在給客戶的新報告中強調，英偉達在其NVL36/NVL72服務器機架系統和 GB200 平台中擁有強大的定價能力。該分析師對該股保持樂觀的前景，評級爲買入，目標價從1,050美元上調至1,350美元。
Lee pointed out that he previously anticipated strong momentum from Nvidia this year driven by the company's AI roadmap for 2025. He now believes his prior estimates were too low.
李指出，他此前曾預計，在英偉達2025年人工智能路線圖的推動下，英偉達今年將保持強勁勢頭。他現在認爲他先前的估計太低了。
"We are even more bullish that Nvidia now has the potential to see FY26 revenue of USD196bn based on its NVL36/NVL72 server rack ASP of USD1.8m/USD3m and total server rack unit assumption of 35,000," the HSBC analyst said in the note.
匯豐銀行分析師在報告中表示：“根據其NVL36/NVL72服務器機架的ASP爲180萬美元/300萬美元，服務器機架總單位假設爲35,000美元，我們更加看好英偉達現在有可能在26財年實現1960億美元的收入。”
Lee highlighted potential uncertainties surrounding the transition of Nvidia's GPU products in the latter half of the year and noted that although he expects the chipmaker to beat estimates when it reports earnings later this month, he sees "limited room for significant earnings upside" over the next two quarters.
李強調了圍繞英偉達GPU產品在下半年過渡的潛在不確定性，並指出，儘管他預計這家芯片製造商將在本月晚些時候公佈業績時超出預期，但他認爲未來兩個季度 “盈利大幅上漲的空間有限”。
Nvidia is expected to report earnings of $5.55 per share and revenue of $24.485 billion on May 22, according to estimates from Benzinga Pro. Lee expects Nvidia's first-quarter revenue to surpass both consensus forecasts and management guidance, forecasting revenue of about $26 billion in the first quarter and potential revenue of $28 billion in the second quarter.
根據Benzinga Pro的估計，英偉達預計將在5月22日公佈每股收益爲5.55美元，收入爲244.85億美元。李預計，英偉達第一季度的收入將超過共識預測和管理層指導，預計第一季度收入約爲260億美元，第二季度潛在收入爲280億美元。
Takeaway: While HSBC does not foresee significant upside surprises in Nvidia's upcoming earnings reports, the Buy rating reflects the firm's confidence in Nvidia's long-term growth prospects. The raised target price with approximately 50% upside from current levels signals HSBC's belief in Nvidia's ability to capitalize on its product transitions and sustain its momentum into the future. Lee believes there is "significant upside" to fiscal-year 2026 earnings that is still not fully priced in.
要點：儘管匯豐銀行預計英偉達即將發佈的業績不會出現重大上行意外，但買入評級反映了該公司對英偉達長期增長前景的信心。目標價格上調，較當前水平上漲約50％，這表明匯豐銀行相信Nvidia有能力利用其產品過渡並在未來保持勢頭。李認爲，2026財年的收益有 “顯著的上升空間”，但仍未完全計價。
NVDA Price Action: Nvidia shares were up 0.45% at $902.75 Monday afternoon, according to Benzinga Pro.
NVDA價格走勢：根據Benzinga Pro的數據，英偉達股價週一下午上漲0.45％，至902.75美元。
Photo: Shutterstock.
照片：Shutterstock。