Nvidia (NVDA) is bucking the downtrend at the moment.
All after analysts at Rosenblatt hiked their price target on the tech giant to $800 from $600 a share. All thanks to the artificial intelligence boom, which shows no signs of slowing. “While early innings, we view NVDA as a high-conviction story thriving amid uncertainty given secular AI, autonomous driving, and metaverse tailwinds,” they noted.
Oppenheimer analysts are also maintaining an outperform rating on the NVDA stock, with a raised price target of $500 from $420. Again, thanks to the AI story.
“NVDA remains the purest scale play on AI adoption. Sustained structural growth led by DC AI as accelerator attach increases (could hit 40–50% in cloud within five years vs. 20% today). NVDA’s entrenched DC/AI ecosystem is core to GenAI adoption. We remain long-term buyers,” analysts added.
NVDA could see even more upside with earnings coming up.
Analysts are looking for adjusted EPS of $2.07 on revenue of $11.1 billion. That’s in line with expectations for $2.06 and $11.14 billion.
NVDA last traded at $436.74 — up about $2 on the day.
