Can you hear the barkers yelling to the crowd?
It’s Wall Street analysts rushing to raise their target prices for Nvidia (NVDA) ahead of next week’s quarterly earnings report. On February 21, after the close, Nvidia is expected to report earnings of $4.18 share, up from $0.65 a share in the quarter a year ago, on revenue of $20.5 billion.
And even though the stock is up 47% for 2024 as of the February 15 close and up 219% for the last year, Wall Street analysts are rushing to increase their target price on the shares.
Nobody wants to be left behind if Nvidia, the market’s favorite AI stock, beats estimates again–actual earnings beat estimates by 24% last quarter–and the stock rallies some more.
Of course, the target price frenzy almost guarantees the stock will rally into Wednesday’s earning report. The shares slipped 0.06% today to $726.13 at the close.
Today, February 16, Loop Capital initiated coverage on the stock with a Buy rating and a $1200 a share target price. That’s roughly 66% above today’s close. And for today at least the $1200 target is the high on Wall Street.
Also today Oppenheimer maintained its Outperform rating and increased its price target to $850 from $650.
I own Nvidia in my long-term 50 Stocks Portfolio. The position is up 56% since December 7, 2023.
