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Here’s when Nvidia stock could hit $1,000

Here's when Nvidia stock could hit $1,000
Elmaz Sabovic

Nvidia (NASDAQ: NVDA) has had a strong run so far in 2024, but recent trading sessions have seen a slight pullback in NVDA stock price.

Nvidia has demonstrated its strength in the market with an outstanding year-to-date increase of over 87%, making it one of the top performers in the S&P 500. This significant rise, crossing the $900 mark, has piqued investor interest in its potential to reach $1,000.

Analysts are bullish on NVDA, predicting further increases that could push its shares well beyond the $1,000 mark.

NVDA stock YTD price chart. Source: Finbold
NVDA stock YTD price chart. Source: Finbold

With stock market analysts remaining optimistic about the GPU makers’ prospects in the coming months.

Most analysts see NVDA above $1,000 post-earnings

Following the lesson from Q1 Nvidia earnings, which beat already optimistic expectations, analysts are setting their sights on the $1,000 goal ahead of Q2 earnings on May 22.

UBS raised its price target for Nvidia to $1,150 from $1,100, maintaining a ‘buy’ rating ahead of the company’s upcoming earnings release on May 22. The bank attributed the target increase to strong demand and revised revenue estimates.

Despite potential shipment timing concerns, analysts at UBS noted robust demand for Nvidia’s Blackwell and Hopper products. While Blackwell shipments are expected in December, UBS remains optimistic about sustained demand for Hopper, particularly emphasizing its strength ahead of a significant product transition.

Citi also reaffirmed its buy rating on NVDA stock, with a price target of $1,030. This came after a share price decline following the recent GPU Technology Conference, attributed to profit-taking by investors.

Citi’s analysis suggests Nvidia’s demand visibility extends into the first half of 2025, with GPU unit sales projections aligning with their expectations. They anticipate positive triggers for the stock from forthcoming remarks by key suppliers in Nvidia’s supply chain.

In addition, Goldman Sachs increased its price target for NVDA stock from $1,000 per share to $1,100, reflecting a potential upside of 21.2% compared to its prior closing price.

This surge has led one of the most bearish analysts covering Nvidia, HSBC Head of Technology Research Frank Lee, to switch his stance from ‘reduce’ to ‘buy,’ with a price target increase to $355 from $175.

Some go as high as $1,400 for NVDA stock

Although the rating dates back to February 2024, it may be a predictive indicator. Hans Mosesmann, senior research analyst at Rosenblatt Securities, has set a $1,400 price target for NVDA shares. He believes the stock could nearly double within the next 12 months to reach $1,400 per share.

This forecast is noteworthy, considering Nvidia’s current market capitalization of $2.26 trillion. However, it is worth noting that NVDA’s share price has already more than tripled over the past year. 

Therefore, within a historical context, Mosesmann’s prediction of nearly doubling within the next year may ironically indicate a potential slowdown in growth.

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