Nvidia Targets $1,000 Milestone Following AI Conference Buzz: Analysts Predict Up to 15% Surge
$NVIDIA(NVDA.US$'s stock price increased following a consistent climb after surpassing the $900 mark on Wednesday. The rise continued through the end of the week, coinciding with the Nvidia GTC conference for AI developers. According to IBD MarketSurge's weekly chart, Nvidia's stock has experienced an 11-week rally since its breakout in January. At the recent AI developer conference, Nvidia's CEO Jensen Huang introduced Blackwell, the company's new AI chip designed to enhance computing speeds. This chip is set to be released later in the year through various Nvidia partners.
UBS analyst Timothy Arcuri has increased Nvidia's target price to 1,100 from 800 while maintaining a buy rating.
We believe Nvidia sits on the cusp of an entirely new wave of demand from global enterprises and sovereigns — with each sovereign potentially as big as a large U.S. cloud customer."
Check out Wall Street banks' latest target prices for Nvidia:
Additionally, Truist and HSBC analysts raised their price targets for the company's stock, citing expectations of increased chip demand in 2024 and 2025. Truist increased their target to $1,177 from $911, while HSBC raised theirs to $1,050 from $880, with both firms maintaining a buy rating. Bank of America analysts lifted their price target to $1,100 from $925.
NVIDIA stands unmatched in the market with no competitors able to keep up with its pace, particularly in AI innovation. Despite a temporary dip in stock price, NVIDIA has recovered to its previous position and continues to show significant growth, up approximately 90% this year. Wall Street is highly optimistic about NVIDIA, with nearly 90% of analysts recommending buying the stock, which is a rare consensus.
CEO Jensen Huang emphasizes that NVIDIA is more than just a chip company, highlighting its strengths in software and networking to position itself as a comprehensive platform. This perspective has resonated with bulls and is reflected in analyst notes pointing out NVIDIA's unique ecosystem. Bernstein analyst Stacy Rasgon maintained an outperform rating with a target of $1,000, underscoring the importance of NVIDIA's combined offerings in chips, software, and networking to investors.
Source: Investor's Business Daily, Yahoo Finance
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tinybird : punditry running rabid
Edwin TTH : That’s not exactly a target at all! At $950, $1000 is a mere 5% away. When it hits that price I’m sure there’ll be further re-rating upwards. The analysts will all be behind the curve on this one.
118062799 : Surge? More like stagnant
71531950 : Blantant generating of exit liquidity through obvious misrepresentation.
72898695 : In Taiwan, his name on his ID card is Wong Yan Hun, not Huang Janssen