Nvidia Stock Gains Ahead of Earnings as Analysts Grow More Bullish | Global News Avenue

NVIDIA (NVDA) shares rose on Tuesday, a day ahead of the company’s much-anticipated third quarter earningsThat comes as analysts become increasingly bullish on the chipmaker’s prospects.

Forecasts for Nvidia’s results have improved in the days leading up to the report, with analysts now expecting third-quarter revenue to rise 84% year over year, driven by record sales at Nvidia’s data center unit, according to compiled estimates. Reached $33.29 billion by Visible Alpha.

In a note to clients on Monday, Stifel analysts gave the stock a “buy” rating and raised the price target to $180 from $165, which would imply an upside of about 23% from Tuesday’s intraday price. Analysts said they expect the chipmaker’s total addressable market “could exceed $100 billion by 2025, with the long-term opportunity funnel potentially approaching $1 trillion.”

“We expect the majority of short- to medium-term opportunities to come from high-performance computing, hyperscale and cloud data centers, and enterprise and edge computing,” the analysts said. “Demand for AI computing continues to outpace supply,” they noted.

Nvidia shares rose more than 4% to $146.54 in afternoon trading on Tuesday, nearly tripling since the start of the year.