Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of tech firm Nvidia (NASDAQ: NVDA) are up over 3% on Friday after several analysts upgraded their forecasts following the company's Q2 earnings report.
The company reported a Q2 adjusted EPS of $1.04, above the $1.02 consensus, with gaming revenue rising 85% year on year to $3.06 billion. Looking ahead, Nvidia sees Q3 revenue at $6.8 billion.
Before we move onto what the analysts had to say following the report, there was an interesting tweet from the @unusual_whales Twitter account stating that “Pelosi” who we can only assume is US Senator Nancy Pelosi, has purchased almost $1.5 million of Nvidia shares…
Pelosi has purchased huge nearly $1.5 million in $NVDA.
She also purchased 50 $NVDA call options at strike $100 and expiry 09/16/2022.
This is wild.
— unusual_whales (@unusual_whales) August 20, 2021
Do they know something we don't?
Anyway, here's what analysts are forecasting for Nvidia…
Barclays analyst Blayne Curtis raised the firm's price target on Nvidia to $225 from $205, keeping an Overweight rating. The analyst said Wednesday's “beat/raise” quarter was not as big as previous quarters; however, he noted Nvidia is “still one of the best stories in the group in terms of long-term drivers.”
Ross Seymour at Deutsche Bank raised the price target on Nvidia to $185 from $150, maintaining a Hold rating. Seymour described Nvidia's Q2 report as “solid,” although the beat was smaller in size than past quarters.
At Credit Suisse, analyst John Pitzer raised Nvidia's price target to $225 from $175, keeping an Outperform rating. Pitzer noted that the stock is not cheap, but he sees an opportunity for the company to grow into the multiple. His reasoning is driven by his Accelerating Compute TAM thesis and the nearly $8B in Auto design wins ramping from 2024-2027.
Other analyst upgrades/downgrades, PT changes:
Nvidia shares are currently up over 3% at $204.19 on Friday after closing Thursday's session just under 4% higher at $197.98.
Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You've probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now
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