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Analysts Are Bullish on Nvidia Stock Ahead of Earnings Next Week
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Main points
- Mizuho analysts raised Nvidia’s price target ahead of its earnings report on November 20.
- The company expects Nvidia to maintain its dominant market share in AI training chips for data centers.
- Analysts on average expect Nvidia’s revenue to grow 82% year over year.
NVIDIA (NVDAMizuho shares rose on Tuesday after analysts raised their price targets on the stock ahead of third-quarter results next week.
The company raised its target to $165 from $140, slightly above analysts’ average estimate of $160, according to Visible Alpha. Nvidia shares recently rose nearly 2% to about $148, not far from recent all-time highs.
“We see (Nvidia) still being the leader in the space AI The company is expected to have a dominant market share of nearly 95% in the segment, analysts wrote.
Nvidia is expected to release third-quarter earnings on November 20, which will be the company’s first time as a member of the group. Dow Jones Industrial Average It was followed by paint manufacturer Sherwin Williams (SHW) Join the Blue Chip Index last week.
Analyst consensus is that Nvidia will report revenue of $33.07 billion, up 82% year over year. Shares of the world’s most valuable company will nearly triple through 2024, driven by demand for the company’s line of artificial intelligence chips, including next-generation Blackwell graphics processing units.
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