The semiconductor giant Nvidia (NASDAQ: NVDA) has been showing remarkable stock market strength since late 2022 and the beginning of the artificial intelligence (AI) boom, and has been showing few signs of slowing down in 2024.
The blue-chip chipmaker has been surging significantly and nearly continuously through the period, and NVDA shares rose from about $147 at the start of 2023 to $480 at its end and followed up with an 86.59% rise in 2024. Nvidia price today, after many months of rallying, stands at $903.99.
Despite the general uptrend, Nvidia faced a slight correction and has been trading relatively sideways in the last 30 days, raising some questions about whether the long-term uptrend can be sustained with a possible make-or-break moment coming on May 22 with the firm’s next earnings report.
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Analysts remain bullish on NVDA stock
Through both the 2024 rally, and the more recent period of relative stagnancy, analysts have remained exceptionally bullish when it comes to Nvidia’s stock.
Overall, the semiconductor giant retains a ‘buy’ rating with 40 experts out of the 42 represented on TipRanks rating it as such. The remaining two recommend holding the stock.
The average price target is similarly impressive and would see NVDA climb another 12.97% in the coming 12 months to reach the price of $1,021.24, while the most optimistic prediction – assigned by Rosenblatt in March – considers $1,400 the likely outcome of the next 52 weeks of trading.
Still, not all analysts estimate that Nvidia will continue surging, and D.A. Davidson believes an approximately 30% correction to $620 is coming for NVDA, per an early May target revision.
Still, predicting a downside is far from the norm among the more recent revisions and the latest one to be assigned – the one made by HSBC’s Frank Lee, dated May 13 – would see NVDA surge to $1,350 – approximately 50% from its press time price – and not to $1,050 as the same analyst previously assessed.
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