Analysts covering Nvidia have increased 12-month price targets, lifting the average by about 3% to nearly $194 and implying more than 13% upside from recent close. Analysts cite rock-solid growth and are raising projections accordingly. The boosts occur amid a broader selloff in megacap technology that has pulled the S&P 500 down as investors take profits and reallocate to lower-risk sectors. Rising doubts about a September Federal Reserve rate cut added pressure before Chair Jerome Powell's speech. Nvidia's shares fell for a fourth consecutive day after reports that the company asked suppliers to halt production on an H20 AI chip for China.
(Bloomberg/Carmen Reinicke) A slew of Wall Street analysts covering Nvidia Corp. are boosting their expectations for the chipmaker's stock ahead of its quarterly earnings release due Aug. 27. At least nine analysts have lifted their 12-month price targets on the company this week alone, raising the average price by 3% to nearly $194, the highest on record. The level implies more than 13% upside from where shares traded at Thursday's close, according to data compiled by Bloomberg.
What you're seeing is the recognition that growth at Nvidia is rock solid, said Brian Mulberry, client portfolio manager at Zacks Investment Management. Analysts are raising projections because they simply need to; the stock is not going to slow down. The boosted expectations come amid a selloff in megacap technology companies Nvidia included that's pulled the S&P 500 Index from record highs.
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