BNP Paribas raises Nvidia price target to $345, lifts AMD target 60% to $960, and downgrades GlobalFoundries
What happened
BNP Paribas Exane analyst Karl Ackerman published a broad semiconductor note raising Nvidia's (NVDA) price target to $345 from $285 while maintaining a positive rating, implying about 45% upside from Monday's record close. He kept Nvidia as the firm's preferred semiconductor stock, arguing its portfolio of AI hardware, CUDA software and networking is 'unmatched' and becomes more important as workloads shift toward agentic AI, with gross margins expected above 70% despite custom-chip competition. In the same note Ackerman raised AMD's price target by 60% to $960, calling AMD 'increasingly a leading provider of AI infrastructure' and a credible second source to Nvidia. On the negative side he downgraded GlobalFoundries (GFS) to neutral from positive and cut its target to $51 from $80. Separately, Stifel kept its buy rating on AMD and raised its target to $700 from $635. Nvidia closed Monday up 2.1% at a record; AMD slipped 0.3% to $631.75; GFS fell 3.2% to $48.56.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Nvidia (NVDA) — Ackerman calls it the 'cornerstone of AI infrastructure'; sees unmatched AI hardware + CUDA software + networking portfolio; maintains positive rating with 45%+ implied upside.
- AMD — viewed as 'a credible second source' to Nvidia as it pivots from silicon pure-play to full-stack systems via Helios; BNP sees it becoming a leading AI-infrastructure provider.
- Stifel also kept AMD at buy and raised its PT to $700 from $635 the same day.
- GlobalFoundries (GFS) — cut to neutral from positive with PT cut to $51 from $80; BNP says the foundry needs time to capitalize on growth drivers; -3.2% Monday.
- Semiconductor sector broadly — the package reinforces the AI-compute leadership split (Nvidia/AMD vs. non-AI-exposed names).