Nvidia Stock Soars with Fresh Price-Target Hikes Analysts Predict More Growth

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Nvidia Stock Still Has Room To Run, Analysts Say

Nvidia Stock Soars with Fresh Price-Target Hikes Analysts Predict More Growth
Nvidia Stock Soars with Fresh Price-Target Hikes Analysts Predict More Growth

Fresh Price-Target Hikes for Nvidia

Nvidia (NVDA) stock received a new round of price-target increases on Tuesday, showcasing the AI chipmaker’s robust performance following its exceptional first-quarter earnings report. Three Wall Street firms have raised their price targets for Nvidia stock, just one day after three other firms did the same.

  • Argus Research boosted its price target from 110 to 150, maintaining a buy rating.
  • Oppenheimer raised its target from 110 to 150, keeping an outperform rating.
  • Evercore ISI increased its target from 131 to 145, reiterating its outperform rating.

Nvidia Stock Takes a Breather After Breakout

Despite the bullish sentiment, Nvidia stock dipped 0.7% on Tuesday, closing at 120.91. This follows a 0.8% rise on Monday, where it ended the regular session at 121.78.

On May 23, Nvidia stock broke out of a 10-week consolidation pattern at a split-adjusted buy point of 97.40, based on IBD MarketSurge charts. Currently, Nvidia is within the 20%-to-25% profit-taking zone post-breakout but remains subject to the eight-week hold rule according to IBD trading guidelines. The breakout was propelled by the company’s impressive fiscal first-quarter earnings report, surpassing market expectations.

Analysts See Further Growth for Nvidia Shares

Argus analyst Jim Kelleher expressed optimism about Nvidia’s potential for “continued momentum” throughout the year, predicting substantial growth in AI and data center markets. Kelleher believes Nvidia’s shares “have much further to go,” with additional growth expected in gaming, professional visualization, and automotive sectors.

Oppenheimer analyst Rick Schafer highlighted Nvidia’s clear product roadmap for its graphics processing units and networking products. “We see NVDA as best positioned in AI, benefiting from their full stack AI hardware, networking, and software solutions,” Schafer mentioned in a client note.

Nvidia on Five IBD Stock Lists

In related news, cloud security software firm Zscaler (ZS) announced a collaboration with Nvidia on Tuesday. This partnership aims to accelerate AI-powered co-pilot technologies for enterprises. Zscaler stock rose 2%, closing at 187.65.

Nvidia stock is prominently featured on five IBD lists: Leaderboard, IBD 50, Big Cap 20, Sector Leaders, and Tech Leaders. Additionally, Nvidia is recognized as one of the Magnificent Seven stocks, solidifying its position in the market.

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