Nvidia NVDA received a higher price target from GF Securities as the chipmaker prepares to report quarterly results, with analyst Jeff Pu maintaining a Buy rating and pointing to demand for its next-generation Vera Rubin platform.

Pu lifted his target to $345 from $308. He expects new orders and Nvidia’s system design approach to support the product cycle, with additional demand potentially coming from cloud providers and newer AI infrastructure companies.

The analyst also sees Nvidia gaining ground against custom accelerator chips and rival platforms. Microsoft MSFT, Amazon AMZN, Alphabet’s Google GOOG, and Oracle ORCL have increased demand for Vera Rubin, according to the note.

Pu said Nvidia could also benefit from higher activity at…