Following a particularly successful year, the stock of the American artificial intelligence (AI) technology and semiconductor behemoth NVIDIA Corporation (NASDAQ: NVDA) has continued to increase its price in 2024, and analysts are highly bullish on its prospects for the next 12 months.
Indeed, the multinational technology company has gone through several strong rallies in 2023, thanks to the positive developments and optimistic sentiment among the traders that have continued in 2024, specifically with the increasing demand for AI hardware and software.
Wall Street weighs in on Nvidia stock
In this line, a group of 38 Wall Street analysts is exceptionally optimistic regarding the price of the Nvidia stock for the next 12 months, rating it as a ‘strong buy’ with 34 votes for a ‘buy,’ four experts suggesting to ‘hold,’ and no ‘sell’ recommendations, as per TipRanks data on January 24.
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At the same time, they have offered their 12-month price targets over the last three months, setting the average price at $675.40, which suggests an increase of 12.81% from its current price, with a high target of $1,100 (an 83.72% gain) and a low forecast of $560 (a 6.47% decline).
NVDA stock price analysis
Meanwhile, the Nvidia stock was at press time changing hands at the price of 598.73, which indicates an increase of 0.37% in the last 24 hours, adding up to the 6.19% gain across the previous seven days and a more significant advance of 22.21% over the month, according to the data on January 24.
Currently, the Nvidia stock’s technical analysis (TA) is excellent, demonstrating positive trends in both the long and short term, as it outperforms 98% of all other assets in the stock market over the past year and doing better than 99% of the 106 stocks in the semiconductor industry.
Additionally, it is presently trading near its 52-week high, along with the rest of the S&P500 Index, and near the high of its last month’s range between $473.20 and $603.31, as well as recording a healthy liquidity of 42.5 million traded shares per day on average.
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