Index Option Calls
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Index Option Calls
No Result
View All Result
Home Latest News

Nvidia Stock Gets a 49% Price Target Boost Before Earnings. Why Analysts Are Bullish.

by
November 12, 2021
in Latest News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
Text size

Analysts are bullish on Nvidia stock.

Justin Sullivan/Getty Images

Analysts are bullish on


Nvidia

heading into the company’s third-quarter earnings next week, with demand from data centers, artificial intelligence and gaming set to boost the stock.

RELATED POSTS

New York identifies ‘disadvantaged communities’ that will receive extra climate funding

Goldman Sachs picks the winners and losers in regional banks after the SVB collapse

Nvidia (ticker: NVDA) was rising Thursday, up 1.8% to $299.97. The shares have risen around 120% over the past year, with the company recently pushing past Warren Buffett’s


Berkshire Hathaway

(BRK.A and BRK.B) as the seventh most valuable American company by market capitalization. The stock closed at $294.59 on Wednesday.

Based in Santa Clara, California, Nvidia is primarily a maker of graphics processing units (GPUs). These computer chips were originally designed for use in the likes of gaming and film, but are increasingly used in high-performance computing applications such as running data centers and operating artificial intelligence (AI).

Nvidia is set to report quarterly earnings next Wednesday—and there are reasons to be bullish ahead of that, according to analysts at Oppenheimer and Susquehanna.

Analysts led by Rick Schafer at Oppenheimer reiterated their Outperform rating on Nvidia stock and raised their target price on the shares by 49% to $350 from $235.

The team at Oppenheimer sees upside to consensus expectations for sales and earnings both in the last quarter and the current quarter, largely led by data centers and AI, as well as gaming.

“Supply constraints continue to weigh on the group, though we see Nvidia, a top semi-supplier, as better positioned to secure capacity,” they noted.

The analysts don’t view the earnings release itself as a likely material catalyst in the near term and said they remain long-term buyers. “Nvidia remains the industry leader in high-performance gaming and is ideally positioned for sustained structural growth led by data center/AI,” they said.

Meanwhile, Christopher Rolland at Susquehanna reiterated his Positive rating on Nvidia stock and hiked his target price to $360 from $250.

Rolland said GPU demand and share gains should drive another earnings beat and guidance raise, though he noted that sentiment already was elevated going into earnings.

“Overall, we expect strong results and guide from Nvidia but note signs of a potential deceleration vs. the white-hot results of late,” Rolland said. 

Having noted that supply constraints remain top of mind, the analyst said that Nvidia’s manufacturing strategy involving both


Taiwan Semiconductor Manufacturing

(TSM) and


Samsung

(SSNLF) “serves as a distinct advantage” in the time of an industry-wide pinch on supply. He expects Nvidia to secure enough supplies to sustain growth throughout this year.

“Nvidia one of the fastest-growing companies in many key growth areas such as Cloud, Autonomous Vehicle and Metaverse, and we deem it warrants a higher multiple than the rest of the peers,” Rolland added.

Shares in Nvidia have already been on a run higher this week, up more than 8% in the last five days, as it has firmed up its competitive push into the metaverse, launching platforms, software and computing tools to help enable the future of virtual worlds.

Write to editors@barrons.com

ShareTweetPin

Related Posts

New York identifies ‘disadvantaged communities’ that will receive extra climate funding

by
March 29, 2023
0

People walk through the Brooklyn Bridge during a strike for climate on March 03, 2023 in New York City. Protesters...

Goldman Sachs picks the winners and losers in regional banks after the SVB collapse

by
March 29, 2023
0

The banking crisis continues to keep investors on edge about the health of regional banks. Now Goldman Sachs has identified...

ChatGPT and A.I. might have a future as your portfolio manager, study suggests

by
March 29, 2023
0

Lionel Bonaventure | Afp | Getty Images The proliferation of artificial intelligence programs such as ChatGPT and Alphabet's BardAI has...

We’re halfway to a tipping point for the Greenland Ice Sheet after which sea levels rise by 6 feet

by
March 29, 2023
0

An aerial view of meltwater lakes formed at the Russell Glacier front, part of the Greenland ice sheet in Kangerlussuaq,...

Elon Musk, tech leaders urge pause on ‘dangerous race’ to make A.I. as advanced as humans

by
March 29, 2023
0

Sopa Images | Lightrocket | Getty Images Elon Musk and dozens of other technology leaders have called on AI labs...

Next Post

Asia-Pacific stocks rise; JD.com shares in Hong Kong surge following Singles Day shopping event

This global tech stock is up 70% this year and Goldman says there's more room to run

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • A Couple Stored IRA Gold at Home. They Owe the IRS More Than $300,000.

    0 shares
    Share 0 Tweet 0
  • A California Couple Spent Eight Years Building Their Dream Retirement Home in Costa Rica

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs says buy these stocks to play Web 3.0 and the metaverse

    0 shares
    Share 0 Tweet 0
  • In his final warning, this stock trading wizard — who made big money in bear markets and crashes — called this market a bubble like no other

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs picks new stocks to buy — and says these 5 have over 100% upside

    0 shares
    Share 0 Tweet 0
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.indexoptioncalls.com
No Result
View All Result
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.indexoptioncalls.com