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Analysts revise Nvidia stock price targets ahead of earnings

Analyst revise Nvidia stock price targets ahead of earnings

If there is one firm expected to impress with its upcoming earnings report, especially given its recent performance and growing importance amidst the continued artificial intelligence (AI) boom, it is Nvidia (NASDAQ: NVDA).

Indeed, with the emergence and proliferation of large language models (LLMs) and other modern AI tools, the semiconductor giant, once arguably most important for the gaming industry, has become a household name and one of the best-performing blue-chips in the stock market.

By the time of publication on May 9, it would probably be unfair to say analysts have been bullish when it comes to NVDA shares as they have been closer to ecstatic, with the most striking example of the attitude being that Jim Cramer named his dog after the company.

The more recent revisions – emerging in the leadup to the earnings report scheduled for May 22 – have also been highly positive.

Analysts revise assessment of NVDA shares

Goldman Sachs (NYSE: GS), for example, made an optimistic reevaluation of Nvidia’s stock on May 7. 

Experts at the banking giant assessed that, despite NVDA’s stellar growth, the company is likely to continue surging and have altered their price target from $1,000 per share to $1,100 – a 22.3% rise given that Nvidia price today, at press time, stands at $899.43.

NVDA stock YTD price chart. Source: Finbold

Goldman Sachs is not the only institution to have recently reiterated its bullishness, as last week, UBS analyst Timothy Arcuri raised the firm’s price target on Nvidia to $1,150 from $1,100 while keeping a ‘buy’ rating on the shares.

The predictions dealing with the upcoming earnings report are similarly bullish with the estimates for earnings per share (EPS) running as high as $5.14.

The figure demonstrates the continued optimism, given that Nvidia reported an EPS of $4.91 for the previous quarter, handily beating analysts’ forecasts, which set the expectations at $4.21.

The earnings-per-share figures also provide another angle to NVDA’s stellar growth, which saw its stock rise in value by approximately 650% since the AI boom started in earnest in late 2022, given that the EPS for the same quarter in 2023 stood substantially below the current forecasts at $0.88.

If Nvidia only meets and doesn’t beat the prediction, it would still have recorded a 484% year-over-year (YoY) EPS growth. 

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