Nvidia Stock Poised for Continued Growth, Analysts Predict
Nvidia (NVDA) stock received a series of price-target hikes on Tuesday, reflecting the AI chipmaker’s robust performance following its impressive first-quarter earnings report.
Analysts Boost Price Targets for Nvidia Stock
Following a stellar earnings report, three additional Wall Street firms elevated their price targets for Nvidia stock, echoing similar actions taken by three firms the previous day.
Argus Research increased its price target for Nvidia stock from $110 to $150, maintaining its buy rating.
Oppenheimer also raised its target from $110 to $150, affirming its outperform rating.
Evercore ISI upped its target for Nvidia stock from $131 to $145, reiterating its outperform rating.
Nvidia Stock Takes a Brief Pause
On the stock market today, Nvidia stock dipped 0.7% to close at $120.91, following a 0.8% rise to $121.78 in the previous session.
On May 23, Nvidia stock broke out of a 10-week consolidation pattern, reaching a split-adjusted buy point of $97.40, according to IBD MarketSurge charts.
The Acolyte’s Twin Concept Struggles in Its Debut
Currently, Nvidia is in the 20%-to-25% profit-taking zone following its breakout but adheres to the eight-week hold rule, based on IBD trading guidelines.
The breakout was fueled by the Santa Clara, California-based company’s impressive fiscal first-quarter earnings, which exceeded expectations.
Nvidia Shares Expected to Climb Further
Argus analyst Jim Kelleher noted that Nvidia is set for “continued momentum” throughout the year, with significant growth potential ahead.
Kelleher highlighted that, alongside AI and data center markets, Nvidia is expected to see growth in gaming, professional visualization, and automotive sectors.
Oppenheimer analyst Rick Schafer emphasized Nvidia’s strong product roadmap for its graphics processing units and networking products.
“We believe NVDA is optimally positioned in AI, benefiting from their comprehensive AI hardware, networking, and software solutions,” Schafer stated in a client note.
Nvidia Featured on Multiple IBD Stock Lists
In related news, cloud security software firm Zscaler (ZS) announced a collaboration with Nvidia on Tuesday. This partnership aims to accelerate AI-powered co-pilot technologies for enterprises. Following the announcement, Zscaler stock rose 2%, closing at $187.65 on Tuesday.
