Nvidia Jumps Well Beyond Our $300 Target

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Illustration shows NVIDIA logo

As expected, NVDA just crossed the $300 mark.

As we noted on February 23, “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.”

Now trading at $316.50, it could see even higher highs.

All thanks to it being Nvidia – one of the top tech leaders on the market.  Helping, Oppenheimer just increased its target price on NVDA to $350 from $300.  Susquehanna raised its NVDA target to $350 from $310. And Truist raised its target to $322 from $289 a share.

According to Barron’s, “Their confidence is largely due to the continuing development of artificial intelligence tools and the subsequent need for Nvidia AI-geared graphics processing units (GPUs). The analysts believe that should mean the company’s revenue and earnings beat estimates for its first fiscal quarter. They expect Nvidia to subsequently raise its financial outlook, giving the stock a further boost.”