Nvidia Stock: Headed to $1,100?
2 min readBenefiting from the current boom in artificial intelligence, semiconductor company Nvidia (NASDAQ: NVDA) was arguably the hottest stock on Wall Street in 2023. Even more impressive, it’s off to an explosive start in 2024 as well. Helped by a big move higher this week, when the company reported a 265% year-over-year growth in fiscal fourth-quarter revenue, shares are now up more than 55% year to date as of this writing.
But here’s the crazy thing: In response to Nvidia’s better-than-expected quarterly results, well over a dozen analysts have raised their 12-month price targets for the growth stock to levels well beyond where shares are trading now. Indeed, several analysts have raised their price targets for the stock to levels of $1,000 or higher.
Let’s see what has some of the most bullish Nvidia analysts on Wall Street so upbeat.
The path to $1,000 and beyond
One of the most-cited reasons analysts are optimistic about Nvidia stock following its latest earnings report is management’s guidance. The company said it expected fiscal first-quarter revenue of about $24 billion — more than $2 billion more than what the consensus analyst forecast was.
KeyBanc analyst John Vinh raised his 12-month price target on the stock from $740 to $1,100. His optimism, like analysts at Bernstein and Benchmark (analysts who raised their price target for Nvidia shares to $1,000 after the earnings report), was based on the company’s incredible momentum, shown by its explosive sales growth in fiscal Q4 and management’s fiscal first-quarter guidance.
Further, Vinh praised the company’s surging sales in its data center specifically. Data center revenue rose 27% sequentially and a whopping 409% year over year in fiscal Q4.
In the company’s fiscal fourth-quarter earnings release, Nvidia CEO Jensen Huang said demand for its data center products was coming from various industries. “Our Data Center platform is powered by increasingly diverse drivers — demand for data processing, training, and…
2024-02-24 07:21:00
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