Another "most aggressive" analyst on Wall Street has given Nvidia a target price of $1200, which could potentially rise by another 30%.

Despite encountering its worst day in nine months last Friday, Evercore ISI analyst C.J. Muse remains optimistic about NVIDIA (NVDA.US) stock. The analyst has raised the target price for NVIDIA from $900 to $1200. This target price is one of the highest on Wall Street, indicating a 37% potential upside from the current level. The analyst stated that the NVIDIA GTC conference (GPU Technology Conference) scheduled for March 18-21 may showcase growth opportunities for the company, including some less prominent businesses. The analyst noted that NVIDIA's software business has already generated $1 billion in annual revenue, but for a company with total revenue exceeding $60 billion in the previous fiscal year, this is still just a drop in the ocean. NVIDIA's total revenue for this fiscal year is expected to easily surpass $100 billion. The analyst believes that NVIDIA's software business is "just getting started" and expects NVIDIA to spend a significant amount of time at the GTC conference outlining the expansion potential of their software business. The analyst also mentioned that many on Wall Street seemed surprised when NVIDIA revealed that at least 40% of data center GPU demand in the past 12 months came from inference. However, in hindsight, considering the efforts of Meta and Microsoft in this area, this may make sense. The analyst stated, "We still expect NVIDIAs share in the inference market to surprisingly rise." NVIDIA may officially release the B100 GPU at the GTC conference, with its performance expected to be twice that of the H200. The analyst is enthusiastic about NVIDIA's future revenue and believes the GTC conference "may bring a clear vision of NVIDIA GPUs selling out in 2024, supporting a clear product cycle for growth in 2025, and a vibrant ecosystem to monetize huge opportunities as we approach the inflection point of generative AI." The analyst added that once investors are convinced that 2025 is not the peak of NVIDIA's performance growth, the stock price could reach a fair value of $1200 to $1400.