What Wall Street Analysts Think of Nvidia Stock Ahead of Earnings | Global News Avenue

NVIDIA (NVDA) will deliver its highly anticipated earnings After Wednesday’s close, analysts overwhelmingly bullish on chipmaker stocks.

22 of the 23 analysts tracked by Visible Alpha have a “buy” rating on the stock, while 1 analyst has a “hold” rating. Their consensus price target is $170, a premium of more than 17% to Wednesday’s intraday price of $144.66.

Stifel analysts raised price targets on several companies in the days ahead of the report raise their price targets It rose from $165 to $180 earlier this week. Last week, Mizuho Raise target price Increased from $140 to $165.

Forecasts for Nvidia’s performance have also increased, with analysts now expecting third-quarter revenue to rise 84% year-over-year to $33.29 billion, driven by record sales at Nvidia’s data center unit.

Nvidia posts record second-quarter data center revenue of $26.3 billion CEO Jensen Huang told investors: “Data centers around the world are going all out to accelerate computing and generative artificial intelligence“.

Nvidia shares edged down 1.6% in afternoon trading on Wednesday, bringing Tuesday’s gains to an abrupt halt. Their value has almost tripled since the start of the year.