Truist raises Nvidia price target ahead of earnings

Nvidia is still showing improving fundamentals that boost the chipmaker's long-term growth potential, and have Truist Securities optimistic on the stock ahead of its upcoming earnings. His new price target of $145, which is $5 higher than his previous target, suggests shares could gain 14.7%. Stein's increase comes as traders brace for Nvidia's second-quarter report, which is slated for release Wednesday after the bell.

Stein added that although he's confident Nvidia's year-on-year revenue growth will slow from the last few quarters, there is still a "solid case for ongoing rapid growth" over the next few years given upcoming AI models and investments that should usher in a new wave of AI capabilities and investments in graphics processing units, or GPUs.

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