02:38 PM EST, 11/14/2024 (MT Newswires) -- Nvidia's ( NVDA ) ) is expected to show strong results for its fiscal Q3 and a positive outlook for Q4, primarily due to robust demand for artificial intelligence accelerators from cloud service providers and enterprise customers, Oppenheimer said in an earnings preview on emailed Thursday.

Nvidia's ( NVDA ) fiscal Q3 results are scheduled for Nov. 20.

The firm said it is raising estimates for the company, highlighting the early success of its Hopper AI accelerators and the upcoming Blackwell product line, which is projected to ramp up further in fiscal Q4.

Data center revenue is projected to increase by 9% quarter over quarter in fiscal Q3 and the networking segment, which represents 14% of data center revenue, is expected to grow by 9%, according to the preview.

Oppenheimer said that Nvidia's ( NVDA ) gaming segment, driven by discrete PC graphics processing units, is projected to increase by 5% and the automotive segment is also expected to grow as new product wins ramp up, particularly in advanced driver-assistance systems.

The firm raised it price target on Nvidia's ( NVDA ) stock to $175 from $150 and reiterated its outperform rating.

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