The average price target for the stock has been moving steadily higher recently, and is above $520, up from $505 just a week ago. The current target implies an upside of about 15% from current levels. Nvidia has risen 212% this year, compared with a gain of 39% for the Philadelphia Stock Exchange Semiconductor Index. Much of the rally reflects optimism over artificial intelligence, which Nvidia is a key player in.
This is one of the first reports by Nvidia where AI is expected to be the primary focus. Generative AI services like ChatGPT were thrust into the spotlight earlier this year and the excitement surrounding applications of artificial intelligence buoyed stocks like Nvidia. Last quarter, Nvidia gave a forecast that was far stronger than expected, cementing its status of a primary beneficiary of spending on AI.
KeyBanc Capital Markets, meanwhile, expects Nvidia’s results and outlook will be “meaningfully above” consensus expectations, given strong demand trends.
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