We’ve been bullish for quite some time on Nvidia (NVDA).
In fact, when we first mentioned the stock, it traded at just $170 on December 9, 2022. It’s now up to $464.66 thanks to the company’s explosive growth, the AI boom, and a parade of bullish analysts. HSBC, for example, just raised its price target to $780 from $600, with a buy rating. KeyBanc raised its price target to $620, believing NVDA is “uniquely positioned” to benefit from the secular growth in artificial intelligence and machine learning in the data center, as noted by Seeking Alpha.
Wedbush’s Dan Ives said, “We expect a bullish outlook from Nvidia that should be the fuel in the engine to continue this tech rally into the rest of the year despite the tough-talking Fed with Jackson Hole/Powell speech around the corner this week causing further agita for the markets.”
While NVDA has had quite a run, most of the excitement may be priced in already. Plus, it may be time to be fearful, as others get greedy, as Warren Buffett has often said.
