Nvidia Stock Still Has Room To Run, Analysts Say
Nvidia ( NVDA ) stock nabbed a fresh batch of price-target hikes on Tuesday as the AI chipmaker continues to show strength after its standout first-quarter earnings report.
Investor’s Business Daily
12/06/2024
Disruptive technologies like artificial intelligence
Three Wall Street firms raised their price expectations for Nvidia stock just a day following the three companies also raised their price targets on the maker of graphics chips.
Argus Research raised its price target for Nvidia stock up to 150 from 110 and maintained its Buy rating.
Oppenheimer also increased its goal up to 150, from 110, and retained its high-perform rating.
Evercore ISI raised its target on Nvidia stock to 145, up from 131. It also renewed the outperform grade.
Nvidia Stock Takes A Breather After Breakout
In the markets this morning, Nvidia stock dipped 0.7 percent to close at 120.91. It closed the regular session on Monday higher by 0.8 percent to 121.78.
On May 23rd Nvidia stock has broken out of its 10 week consolidating pattern with an adjusted split buy-point of 97.40 Based on IBD MarketSurge charts.
Nvidia is technically located in the zone of profit-taking between 20% and 25% in its breakout However, Nvidia is still subject to an eight-week hold period in accordance with IBD’s guidelines for trading.
The stock exploded following that Santa Clara, Calif.-based company exceeded expectations in its quarterly earnings report for the first quarter of fiscal.
Nvidia Shares ‘Have Much Further To Go’
Argus analyst Jim Kelleher said Nvidia is well-positioned to achieve “continued momentum” this year and that its share prices “have much further to go.”
Alongside growing within the AI and data centers, Nvidia should see acceleration in its other markets according to an email to clients. These include professional visualization, gaming and automotive.
Oppenheimer Analyst Rick Schafer said Nvidia has clearly defined product roadmaps regarding its graphic processing unit as well as networking products.
“We see NVDA as best positioned in AI, benefiting from their full stack AI hardware, networking, and software solutions,” Schafer wrote in a client letter.
Nvidia On Five IBD Stock Lists
In related news, Tuesday cloud security software company Zscaler ( ZS) announced Zscaler has announced a partnership in partnership with Nvidia. Zscaler will make use of the alliance to speed up AI-powered co-pilot technologies that are suited to enterprises. Zscaler shares rose by 2.2% up to 187.65 the previous day.
Nvidia stock is listed on five IBD lists including Leaderboard IBD 50, Big Cap 20 Sector Leaders, and Technology Leaders.
Additionally, Nvidia stock is one of the Magnificent Seven stocks..
