Overview
- Bernstein’s Stacy Rasgon reiterated an Outperform rating on Dec. 19 with a $275 price target.
- Nvidia is trading near 25x forward earnings, placing it in the 11th percentile of its 10-year valuation range.
- Relative to the Philadelphia Semiconductor Index, the stock trades at roughly a 13% discount, in the first percentile over the past decade.
- The call cites resilient AI capex plans, a recovering GPU narrative, Rubin on the roadmap, and potential China upside from H200 approvals.
- Bernstein says current estimates look low versus the company’s $500 billion-plus Blackwell/Rubin guidance and views the near-term setup as attractive.