The NVIDIA Corp (NASDAQ: NVDA) share price edged 2.64% premarket after multiple investment banks raised their share price targets for the firm before its quarterly earnings report is released on Wednesday, August 23, 2023.
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Earlier today, analysts at KeyBanc raised their Nvidia price target to $620 from $550. Furthermore, analysts at HSBC also raised their Nvidia price target to $780 from $600, signalling that they expect the stock to rise by a further 80% from its current price of around $444.
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Investors and analysts alike are looking forward to Nvidia’s quarterly report after the chip manufacturer raised its revenue guidance by 50% during the release of its Q1 financial results. The company raised its sales target to $11 billion, beating analysts’ estimates of $7.2 billion.
Nvidia’s impressive results have been powered by the significant demand for its AI microchips as companies race to build their AI infrastructure following the emergence of popular generative AI models such as ChatGPT.
John Vinh, an analyst at KeyBanc, raised the firm’s price target on Nvidia to $620 from $550 and kept an Overweight rating on the shares. KeyBanc expects Nvidia to report results and guidance way above consensus expectations driven by robust demand and incremental capacity despite tight CoWoS capacity.
Frank Lee, an analyst at HSBC, raised the firm’s price target on Nvidia to $780 from $600 and kept a Buy rating on the shares. Although market expectations have “clearly risen” for Nvidia and the overall artificial intelligence supply chain, bullish AI server momentum surpassed market expectations year-to-date, the analyst told investors via a research note.
HSBC raised its fiscal 2024 and 2025 AI server assumptions and believes Nvidia’s earnings upside potential is still not fully priced into the shares. Bullish AI server momentum should continue to surprise on the upside, contends HSBC.
The bullish price targets the two investment firms set are clear evidence that Wall Street remains exceptionally bullish on Nvidia despite the company’s shares having risen 191.56% since the year started.
Investors should look out for the company’s Q2 earnings results, set for release on Wednesday.
Nvidia stock price.
The Nvidia stock price rose 2.64% premarket to trade at $444.40, rising from Friday’s closing price of $432.99.
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