AASTOCKS
2023.10.02 18:15
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Goldman Sachs adds Nvidia to its October conviction buy list, with two other US stocks also added.

Chip manufacturer Nvidia has been the market leader this year, and Goldman Sachs predicts that it will continue to maintain its position. Goldman Sachs has included Nvidia in its conviction buy list on the US stock market this month, giving it a "buy" rating with a target price of $605, implying a 39% upside potential.

Chip manufacturer Nvidia (NVDA.US) has been a market leader this year, and Goldman Sachs predicts that it will maintain its position in the future. Goldman Sachs has included Nvidia in its conviction buy list for this month on the US stock market, giving it a "buy" rating with a target price of $605, implying a 39% upside potential. The conviction buy list consists of selected stocks with a "buy" rating from Goldman Sachs among 20 to 25 stocks in the Americas region. Goldman Sachs stated that due to Nvidia's competitive advantage and the increasing complexity of customer development and deployment of artificial intelligence models, it expects the GPU supplier to "maintain its position in the foreseeable future." Goldman Sachs also mentioned that the strength of Nvidia's data center business will not weaken in the short term, as supply constraints have started to ease. Goldman Sachs has also added IT stocks Okta (OKTA.US) and Cintas (CTAS.US) to its conviction buy list, while removing Salesforce (CRM.US) and Johnson Controls International (JCI.US). Goldman Sachs believes that Okta will be another potential beneficiary of artificial intelligence, expecting a recovery in customer demand and opportunities from new product plans. It anticipates that backlog orders and recurring revenue will accelerate, with a target price of $100, implying a 23% upside potential compared to the closing price on Friday, September 29th. As for uniform supplier Cintas, Goldman Sachs believes that the company's organic growth has reset to levels higher than before the COVID-19 pandemic due to the increasing number of uniforms provided to the healthcare vertical. It has a target price of $592, indicating a more than 23% upside potential.