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HSBC hikes Nvidia price target ahead of earnings, sees 80% upside

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Analyst Frank Lee raised his target price on the stock to $780 from $600.

Lee's forecast implies more than 80% upside from Friday's $432.99 close. He also reiterated a buy rating on the semiconductor company. Nvidia has been the stock to watch all year, gaining more than 196% thanks to excitement around artificial intelligence. Lee thinks that trend will carry on.

mountain NVDA shares year to date "Although market expectations have clearly risen for Nvidia and the overall AI supply chain, we expect bullish AI server momentum continued to surpass market expectations," he said in a note. "We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments." The company will report second-quarter results Wednesday after the bell. Lee thinks Nvidia will once again beat Wall Street expectations.

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