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Nvidia Stock (NVDA) Takes The Title Of Most Valuable Public Company

Analyst Team trader
Updated 19 Jun 2024

Following a remarkable surge in market capitalization, Nvidia stock (NASDAQ: NVDA) has eclipsed tech giants Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) to become the world's most valued company. Nvidia's market cap has reached an astounding $3.34 trillion, marking a significant milestone in the company's history.

The stock price for Nvidia has also soared, hitting an all-time high of $136.4 in extended trading, reflecting the optimism surrounding the company.

After what had been marked as a three pronged battle for bragging rights in tech, Nvidia just keeps on moving up. The upward revisions are not just taking place on the markets themselves, but in the analyst community. Wall Street analysts have reviewed their forecasts and several have upwardly revised their price targets for Nvidia shares as is now becoming more common. The new predictions suggest a considerable potential for growth, with some analysts indicating a target price as high as $200 for the coming year.

A notable upward revision came from Tigress Financial who adjusted their price target on Nvidia stock from the former $98.50 to a more bullish $170 while maintaining a ‘buy' recommendation. Wells Fargo followed suit by increasing their Nvidia price target from $125 to $155. Further reinforcing a positive outlook,

Rosenblatt are those that have set the high bar on the street, after significantly raising its price target from $140 to $200, projecting the company to hit or exceed $5.00 in earnings per share (EPS) by 2026. The firm was also quoted as saying that “the real narrative lies in the software that complements all the hardware goodness.”

The current trajectory of NVDA stock price, which is trading at $136.40, showcases a daily rise of 3.51%.

In the larger landscape, Wedbush analysts highlighted the ongoing race to a $4 trillion market cap in the tech sector, citing Nvidia, Apple, and Microsoft as the main contenders. Market expert Louis Navellier expressed an even more optimistic view, suggesting that Nvidia has the potential to target a $5 trillion market cap in the future.

This bullish sentiment is echoed across Wall Street, with a general consensus that Nvidia shares have a bright future ahead. The analysts' revised price targets and positive forecasts reflect a growing confidence in Nvidia's capability to sustain its growth momentum and continue its leadership in the technology sector.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.