Nvidia (NVDA) is on fire.
The last time we mentioned the stock, we noted: “As hoped, the stock broke above resistance dating back to April 2022, and now trades at $231.90 a share. From here, we’d like to see NVDA test $300. All after the company posted strong earnings growth with EPS of 88 cents, as compared to expectations for 81 cents. Revenue came in at $6.05 billion, which was better than estimates for $6.02 billion.”
Today, NVDA is up to $241.73 and could see $300 again this year.
Better, earlier this month, Raymond James resumed coverage of Nvidia with a Strong Buy rating and $290 price target, calling the company the “undisputed leader in AI/ML” with “arguably the best autonomous driving solutions,” as noted by TheFly.com.
Plus, we have to remember NVDA could be a substantial winner in the potential $1.8 trillion artificial intelligence boom.
“AI technology advances as well as industry adoption are accelerating. The breakthrough of foundation models has triggered a tidal wave of research, fostered new startups, and enabled new enterprise applications,” said Manuvir Das, vice president of enterprise computing at NVIDIA. “Our collaboration with Microsoft will provide researchers and companies with state-of-the-art AI infrastructure and software to capitalize on the transformative power of AI.”
