Morgan Stanley duy trì xếp hạng Mua đối với NVIDIA với giá mục tiêu 350 USD

The Huoxing Finance report states that on August 26, Bank of America maintained its "Buy" rating on NVIDIA (NVDA) with a price target of $350. The bank expects NVIDIA’s second fiscal quarter revenue and guidance to exceed market expectations by another 3% to 4%, driven by the mass production expansion of Vera Rubin, but believes the financial figures are not the most critical focus of this earnings report. Bank of America noted that the market should pay closer attention to whether NVIDIA discloses multi-year off-balance-sheet commitments made to secure chip supply, electricity, AI models, and customer demand. While quantifying these potential liabilities cannot fully eliminate infrastructure risks for AI, it would help the market reassess NVIDIA’s currently suppressed valuation. When NVIDIA announced its $100 billion investment plan for OpenAI, corresponding to 10GW of computing power, in September 2025, its forward EV/EBITDA was approximately 27x. Since then, this multiple has declined by 44% to around 15x—less than half of AMD’s approximately 32x. Bank of America believes the current discount has already overpriced the worst-case financing scenario of about $500 billion, equivalent to 10% of enterprise value, including $150 billion to $200 billion in multi-year procurement commitments and cloud service contracts. If AI demand remains strong, NVIDIA may avoid incurring costs from idle capacity or stranded assets. Bank of America also recommends that NVIDIA increase shareholder returns. Apple returned 82% of its free cash flow to shareholders and repurchased approximately 43% of its outstanding shares between fiscal years 2013 and 2025; in comparison, the market expects NVIDIA’s free cash flow return rate for fiscal years 2027–2028 to be only around 37%. Raising this to 50%–75% could provide stronger support for the stock price. The bank expects NVIDIA to generate approximately $1 billion in free cash flow per day next year—sufficient to simultaneously support ecosystem commitments and share repurchases.