The stock price of semiconductor giant Nvidia (NASDAQ: NVDA) is again rising after days of sustained bearish sentiment, with investors targeting the $120 mark.
At the time of writing, the stock had recorded double-digit gains of over 11% in the last 24 hours, trading at $115. On the weekly chart, Nvidia is up over 2%. These gains come after Nvidia faced the threat of dropping below the $100 mark, hitting a weekly low of $102.
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The gains coincide with a bullish boost from banking giant Morgan Stanley (NYSE: MS). Specifically, the bank designated the stock a ‘top pick,’ noting that it has “sold off on a large list of concerns” that are “likely to fade with time.”
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According to the bank’s analysts, the recent correction affecting NVDA presents a perfect entry point for equity.
ChatGPT-4o sets Nvidia’s stock price
Based on Morgan Stanley’s equity endorsement, Finbold turned to OpenAI’s ChatGPT-4o to set potential Nvidia stock price targets.
The AI platform noted that Morgan Stanley’s bullish stance is rooted in expectations that Nvidia’s current market concerns will soon fade. If these concerns subside as predicted, the AI platform noted that an immediate upward adjustment in Nvidia’s stock price is likely.
Furthermore, continuous strong performance data from Nvidia’s AI and gaming sectors is anticipated to drive increased demand for their products, thus boosting the stock price.
Additionally, ChatGPT-4o stated that Nvidia’s established position in the AI, data center, and gaming markets sets the stage for sustained growth. The company’s technological advancements and upcoming product releases are projected to solidify its market position further and positively impact the stock price in the long run.
Key NVDA targets to watch
By considering Morgan Stanley’s optimistic view and the assumption of positive trends continuing, ChatGPT-4o provided a calculated short-term price target for Nvidia. The analysis suggests a conservative 10-20% increase from the current price of $115, factoring in the expected dissipation of market concerns and ongoing strong performance data. This would place the estimated stock price between $126.50 and $138.00 by August 31.
Taking into account the analysis and Morgan Stanley’s endorsement, ChatGPT-4o stated that a reasonable short-term price target for Nvidia by August 31 is estimated to be between $126.50 and $138.00. This range reflects the anticipated recovery from recent market concerns and the company’s solid performance in its key sectors.
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At the moment, attention is on the upcoming earnings results. Notably, if the company surpasses analysts’ estimates, the metrics will boost the stock, likely helping it target the $120 level.
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