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.
汇丰环球研究周一维持英伟达公司（纳斯达克股票代码：NVDA）的买入评级，并上调了12个月的目标股价，因为该公司认为该芯片制造商强大的定价能力将使该公司能够在2026财年之前继续提供上行惊喜。
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.
须知：汇丰银行分析师弗兰克·李在给客户的新报告中强调，英伟达在其NVL36/NVL72服务器机架系统和 GB200 平台中拥有强大的定价能力。该分析师对该股保持乐观的前景，评级为买入，目标价从1,050美元上调至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，他此前曾预计，在英伟达2025年人工智能路线图的推动下，英伟达今年将保持强劲势头。他现在认为他先前的估计太低了。
"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.
汇丰银行分析师在报告中表示：“根据其NVL36/NVL72服务器机架的ASP为180万美元/300万美元，服务器机架总单位假设为35,000美元，我们更加看好英伟达现在有可能在26财年实现1960亿美元的收入。”
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.
李强调了围绕英伟达GPU产品在下半年过渡的潜在不确定性，并指出，尽管他预计这家芯片制造商将在本月晚些时候公布财报时超出预期，但他认为未来两个季度 “盈利大幅上涨的空间有限”。
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.
根据Benzinga Pro的估计，英伟达预计将在5月22日公布每股收益为5.55美元，收入为244.85亿美元。李预计，英伟达第一季度的收入将超过共识预测和管理层指导，预计第一季度收入约为260亿美元，第二季度潜在收入为280亿美元。
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.
要点：尽管汇丰银行预计英伟达即将发布的财报不会出现重大上行意外，但买入评级反映了该公司对英伟达长期增长前景的信心。目标价格上调，较当前水平上涨约50％，这表明汇丰银行相信Nvidia有能力利用其产品过渡并在未来保持势头。李认为，2026财年的收益有 “显著的上升空间”，但仍未完全计价。
NVDA Price Action: Nvidia shares were up 0.45% at $902.75 Monday afternoon, according to Benzinga Pro.
NVDA价格走势：根据Benzinga Pro的数据，英伟达股价周一下午上涨0.45％，至902.75美元。
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照片：Shutterstock。