Nvidia continues run as Wall Street continues to praise ahead of Q2 results
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Nvidia (NASDAQ:NVDA) continued this week's gains and rose in pre-market trading on Wednesday as a couple of Wall Street firms continued to heap praise on the semiconductor giant ahead of its second-quarter results later this month. 
Raymond James analyst Srini Pajjuri reiterated the firm's strong buy rating and boosted his estimates on Nvidia, noting that the firm believes demand for GPUs is "significantly" outpacing supply as the artificial intelligence spending boom continues.
In addition, Pajjuri noted that Taiwan Semiconductor (TSM) recently said that Chip-on-Wafer-on-Substrate supply, or CoWoS, is likely to remain tight through the end of 2024, which could extend the current demand, supply imbalance through the first half of next year.
Pajjuri now expects the company to earn an adjusted $8.28 per share this fiscal year and $12.42 in fiscal 2025.
"At 35x FY25 EPS, we believe valuation is justified given AI/ML dominance, Gaming recovery, and upcoming Auto inflection," Paijuri, who bumped his price target to $500, wrote.
Piper Sandler analyst Harsh Kumar, who has an overweight rating on Nvidia (NVDA) and also raised his price target to $500, said he is expecting the company to top estimates for the coming quarter and guidance for the next quarter. 
"Specifically, we feel the conversation will boil down to the data center business where we are modeling $7.6 billion (implied 78% Q/Q increase) for the July quarter, and a sequential increase of 25% to $9.5 billion for October," Kumar wrote in an investor note. "We feel there are several factors that give us confidence for continued growth in the data center business." 
In addition to increase in generative AI spending, Kumar said Nvidia (NVDA) may be seeing an shift to general purpose GPUs as well.
Deutsche Bank analyst Ross Seymore said he is expecting another "stunning print [and] guide from the Jensen Huang-led company, but added that the company could be limited by supply for "several quarters."
"We expect any upside in the [quarter and guidance] to stem from more favorable mix (a likely dynamic, in our view), the co's ability to secure incremental supply, and potential pull-ins from Chinese Data Center customers ahead of shipment bans," Seymore wrote.
A consensus of analysts estimate that Nvidia (NVDA) will earn $2.08 per share on $11.06B in revenue during the second-quarter.

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