Wall Street Thinks These 3 Top Artificial Intelligence (AI) Stocks Still Have Plenty of Room to Run — but Nvidia Isn’t One of Them

Nvidia (NASDAQ: NVDA) blew nearly everyone away with its fourth-quarter results last week. The stock continued a surge that began in late 2022.

Many analysts, though, are skeptical about just how much higher Nvidia can go. The average analysts’ 12-month price target for the stock is 7% below the current share price. However, Wall Street thinks that three other artificial intelligence (AI) stocks still have plenty of room to run.

1. Adobe

Adobe (NASDAQ: ADBE) hasn’t delivered nearly the level of gains that Nvidia has. However, shares of the software company are still up more than 50% over the last 12 months. The consensus on Wall Street is that Adobe could perform very well going forward.

The average price target for Adobe reflects an upside potential of more than 21%. The most optimistic analyst thinks the stock could soar as much as 40% higher. Of the 31 analysts surveyed by LSEG in February, 25 rate Adobe as a buy or strong buy. By comparison, only 21 of the 38 analysts covering Nvidia rated it as a buy or strong buy.

You might not think of Adobe as an AI stock. However, the company has integrated generative AI into many of its products. Nvidia CFO Colette Kress specifically mentioned Adobe during her company’s recent quarterly conference call as one of the “leading AI and enterprise software platforms” that Nvidia is working with.

Adobe is on a roll, generating record revenue in its fiscal 2023 fourth quarter. The company’s Creative Cloud, Document Cloud, and Experience Cloud products continue to enjoy strong momentum.

2. Amazon

Like Nvidia, Amazon (NASDAQ: AMZN) is a member of the “Magnificent Seven” stocks that dominated the stock market last year. Over the last 12 months, shares of the e-commerce and cloud services giant have soared close to 85%.

Amazon’s amazing run isn’t over quite yet, according to some analysts. The consensus 12-month price target for the stock is more than 17% above Amazon’s current share price. And there are a lot of Amazon bulls on Wall…