Nvidia is feeling the love from Wall Street after it announced blockbuster fourth-quarter earnings.
The semiconductor company beat analyst estimates and offered a strong outlook for its AI chips.
Detailed below is a complete rundown of the Wall Street analysts that boosted their Nvidia stock price target, and by how much.
Nvidia stock soared as much as 16% on Thursday after it reported solid fourth-quarter earnings and a robust sales outlook. But Wall Street is in agreement that the stock can go even higher.
A large number of Wall Street analysts boosted their price targets for Nvidia after the report — some even into four-digit territory — as it becomes increasingly clear that the chipmaker's monstrous earnings growth will likely have staying power as it gears up for new product releases later this year.
Here were the key results from Nvidia's earnings report.
Revenue: $22.1 billion, vs. analyst estimates of $20.4 billion
Data Center revenue: $18.4 billion, vs. analyst estimates of $17.2 billion
Adjusted earnings per share: $5.16, vs. analyst estimates of $4.64
Gross margins: 76.7%, vs. analyst estimates of 75.4%
Q1 revenue: $24 billion, vs. analyst estimates of $21.9 billion
"Accelerated computing and generative AI have hit the tipping point," Nvidia CEO Jensen Huang said. "Demand is surging worldwide across companies, industries and nations."
Following all of the increased stock-price projections, here are the most bullish forecasts on Wall Street, ranked in increasing order of upside from current levels, as of 10:40 a.m. ET on Thursday:
12. Morgan Stanley
Price target: $795
Prior price target: $750
Upside: 2%
11. Citi
Price target: $820
Prior price target: $575
Upside: 5%
10 (tie). Wedbush
Price target: $850
Prior price target: $800
Upside: 9%
Analyst comment: "Guidance, in turn, implies solid growth off the higher number again fueled by the velocity of NVDA's datacenter business," Wedbush said.
10 (tie). Susquehanna
Price target: $850
Prior price target: $625
Upside: 9%
10 (tie). Craig-Hallum
Price target: $850
Prior price target: $700
Upside: 9%
10 (tie). Oppenheimer
Price target: $850
Prior price target: $650
Upside: 9%
10 (tie). Itau BBA Securities
Price target: $850
Prior price target: $640
Upside: 9%
10 (tie). Mizuho
Price target: $850
Prior price target: $8225
Upside: 9%
10 (tie). Fubon Securities
Price target: $850
Prior price target: $680
Upside: 9%
10 (tie). Needham
Price target: $850
Prior price target: $600
Upside: 9%
10 (tie). JPMorgan
Price target: $850
Prior price target: $650
Upside: 9%
10 (tie). Argus Research
Price target: $850
Prior price target: $600
Upside: 9%
9. Goldman Sachs
Price target: $875
Prior price target: $800
Upside: 15%
Analyst comment: "This company's aggressive spending posture, in our view, indicates not only management's confidence in the long-term opportunity set, but also Nvidia's ability to attract top engineering talent," Goldman Sachs said.
8. HSBC
Price target: $880
Prior price target: $835
Upside: 13%
7. Bank of America
Price target: $925
Prior price target: $800
Upside: 22%
Analyst comment: "Perhaps the most important new datapoint in NVDA's earnings call was that AI inference contributed nearly 40% of AI computing mix in FY24/CY23. AI inference is correlated with revenue bearing AI which is supposed to be more competitive, as opposed to AI training which NVDA already dominates," Bank of America said.
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