Wall Street Analysts Raise Price Target for Nvidia
In 2023, Nvidia experienced a monumental rally that propelled its shares to an all-time high of $474.94. Despite a minor setback, the company’s shares have swiftly embarked on a renewed bull run.
- HSBC raised Nvidia’s stock price target from $600 to $780, citing an improving sales forecast for the company’s fiscal 2024.
- HSBC offered bullish predictions for Nvidia’s AI data center sales and a quarter-over-quarter increase of around 29% on $19.4 billion in total sales for the 2024 fiscal year.
- HSBC’s predictions indicate robust confidence in Nvidia’s growth prospects.
- Nvidia’s shares closed 8.5% higher on August 21 on HSBC’s move, and the stock has gained over 16% in the past week.
- Nvidia is set to report its Q2 earnings on August 23, with the potential to exceed the $500 mark.
Hot Take
Nvidia’s impressive rally and HSBC’s bullish predictions demonstrate the market’s confidence in the company’s future. With the potential to exceed its previous all-time high and continued growth in the AI sector, Nvidia remains an attractive investment option.
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