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大行評級|美銀:上調英偉達目標價至200美元並重申“買入”評級 目前估值具吸引力
格隆匯 02-28 15:41

美銀證券發表報告,重申英偉達“買入”評級,公司在帶領人工智慧市場朝向計算密集型推理、代理應用及實體AI/機器人技術發展方面保持領先地位。目前估值具吸引力,相當於預測2025年及2026年市盈率分別29倍及22倍,基於30%以上的年均複合盈利增長率,其市盈增長率不到1倍,相較標普500及其他大型科技股的2倍以上市盈增長率更具優勢。

報告指,面臨多項挑戰下,英偉達第四財季銷售額仍達393億美元,按年增長78%,超出市場預期3%。公司預計第一財季銷售額爲430億美元,超出市場預期約10億美元,意味按年增長66%。第四財季Blackwell產品銷售額約110億美元,遠超預期的40億至70億美元,顯示產品進展順利。但Blackwell擴產成本使第一財季毛利率預計降至71%,低於市場預期的72%,第二財季可能持平,下半財年纔有望回升。

因此,美銀證券將英偉達2026財年及2027財年的每股盈利預測分別上調1%及5%至4.5美元及6.07美元,目標價從190美元上調至200美元。

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