NVIDIA's Upcoming Earnings: A Historical Stock Performance Recap and Analysts' Opinions
Following a few impressive earnings reports, investors are preparing for Nvidia's upcoming quarterly release. The technology company will be in the spotlight on Tuesday as it presents its financial results for the third quarter of fiscal year 2024.
$NVIDIA(NVDA.US$'s share price surged 20% in November and 260% year-to-date. Here is the historical stock performance of Nvidia on the days when it announced earnings in the past:
What analysts are saying
We expect strong FY3Q results and FY4Q guidance as well as constructive forward-looking commentary from management to reinforce our bullish view on the stock," $Goldman Sachs(GS.US$ analyst Toshiya Hari said.
Armed with its superior Data Center products, Nvidia has capitalized on the AI revolution of 2023. According to Hari, the company's upcoming financial report and its outlook for the fourth quarter of the fiscal year (January) will demonstrate how its core Data Center segment continues to gain a greater share of the market from general-purpose computing (i.e. CPU) in favor of accelerated computing (i.e. GPU).
After Nvidia unveiled an enhanced version of one of its crucial AI products, $Bank of America(BAC.US$ reaffirmed its "buy" rating and kept the company's price target at $650 per share.
Importantly, H200 is compatible with its predecessor H100 installations, enabling faster time to market. We view the latter point as critical, as hyperscalers do not need to invest to reconfigure their existing hardware platform, incentivizing customers to remain key partners of NVDA," wrote analyst Vivek Arya from Bank of America.
$Piper Sandler(PIPR.US$ holds a positive view that Nvidia will report robust quarterly results this week, attributing it to the strong revenue generated from a key segment.
We believe demand from U.S. cloud and other data center clients remains strong and intact given these firms are still in the process of transforming their data centers with accelerated compute capabilities,” analyst Harsh Kumar wrote. "We note these include all of the key players in the cloud industry as well as GPUaaS startups, which are also providing tailwinds to demand.”
Wedbush analyst Matt Bryson maintained an "Outperform" rating and a price target of $600 for the company.
Bryson's optimistic outlook for Nvidia is evident as he expects the chipmaker to once again deliver a remarkable financial performance, driven by the robust demand and supply shortages in the industry, which puts Nvidia in an advantageous position for long-term success.
Source: CNBC, TIPRANKS, Investing.com, Best Stocks
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fair-minded Gnu_5294 : Very great
Calvin Chen : In next 2 years you will see the share price of $30, good luck to you invest journey