Arguably the most exciting stock in the world in the last 12 months – the semiconductor titan Nvidia (NASDAQ: NVDA) – gave investors and analysts even more cause for optimism earlier in June with a 10-for-1 stock split.
While the move does not have the practical implications it would in the era before fractional stock ownership became commonplace, it remains both a testament to NVDA’s incredible performance in recent years and makes whole-share ownership more feasible for many everyday investors.
Additionally, though the split failed to immediately break Nvidia’s most recent period of relative stagnation, it prompted numerous analyst firms to come out with revised price targets and ratings.
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The Wall Street experts overwhelmingly took the opportunity to reaffirm their faith in the blue-chip chipmaker, with as many as eight prominent analyst firms having offered updated Nvidia stock ratings and price targets after the NVDA split officially took place on Friday, June 7.
Analysts revise Nvidia stock price target after 10-for-1 split
The first of these, dated Monday, June 10, came from Susquehanna and offered a reiteration of the ‘positive’ – ‘buy’ – rating. It was accompanied by a price target hike from $120 to $145.
On the same day, Barclays offered the exact same move. While the change of the target to $145 is listed as a downgrade in many sources, this is only true if the stock split is not accounted for.
Also on Monday, Morgan Stanley (NYSE: MS) confirmed it considers Nvidia stock a ‘buy’ after the split as it did before, while TD Cowen upgraded the forecast from a rise to $120 in the coming 12 months to $140.
Tuesday, June 11, also featured a string of revisions, with the first one coming from Goldman Sachs (NYSE: GS), which, along with stating that NVDA remains a buy, increased the target from $120 to $135.
Evercore ISI, which was already more bullish than most other analysts with a prediction that Nvidia would rise to $131, it joined the ranks of most of its peers with a NVDA stock upgrade to $145.
Argus also remained bullish and offered the single largest price target boost from its previous estimate of $110 to the new forecast of $150 – the new street high.
Finally, DZ Bank broke from the pack and remained neutral when it came to Nvidia’s stock market prospects without offering a clearly discernible price target.
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