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Wall Street’s bullish price forecasts for Nvidia stock

Wall Street's bullish price forecasts for Nvidia stock
Ivan Zhelev

Nvidia’s (NVDA) stock price reached a new peak of $504.2 after sharing its Q3 earnings report

With an adjusted earnings per share (EPS) at $4.02, surpassing analysts’ estimates of $3.37. Meanwhile, net income for the quarter reached $9.24 billion, marking a staggering year-over-year increase from the $680 million reported in the corresponding period last year.

On top of that, Wall Street experts continue to uphold a bullish price forecast for the company regardless of the stock’s high valuation.

Goldman Sachs has increased its price target on Nvidia to $625 from $605, affirming its’ ‘Buy’  rating and JPMorgan raised its price target on Nvidia to $650 from $600, maintaining its ‘Buy’ rating. 

Furthermore, Bank of America also adjusted its price target to $700 from $650 with a continued ‘Buy’ rating, and Morgan Stanley increased its price target to $603 from $600, upholding its ‘Buy’ rating. 

At the same time, Wells Fargo, UBS, Bernstein, Mizuho, and Stifel all raised their price targets for Nvidia. This could be attributed to Nvidia outperforming 99% of the 105 other stocks in the semiconductors and semiconductor equipment sectors.

Anticipating further growth, the chipmaker might meet analyst expectations as it set the Q4 revenue expectation at $20 billion, implying a potential revenue increase of nearly 231%.

NVDA stock chart analysis

As things stand, NVDA stock is currently trading at $490.34,  down -$9.10 (-1.82%) on the day.

NVDA one-month price chart. Source: Finbold

Nvidia’s current resistance zone ranges from $499.43 to $504.10. This zone is an indicator of sellers historically becoming more active, leading to a reversal or slowdown in the upward price movement. 

While Nvidia has an immaculate technical rating, the current market conditions do not offer an attractive entry point. The price has exhibited considerable volatility, making it challenging to identify favorable entry and exit points. 

It might be wiser to wait for a period of consolidation before considering any investment decisions.

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