Analysts revise Nvidia (NVDA) stock price target ahead of earnings

Nvidia (NASDAQ: NVDA) is gearing up for its fiscal Q3 earnings call scheduled for Wednesday, November 19, after a noticeable pullback that mirrored a broader tech sell-off last week. 

In spite of the market jitters, however, multiple investment firms have upgraded their Nvidia price targets and revenue forecasts over the past seven days.

Based on analyst notes, data center operations and innovative products, such as the new GB300 Ultra platform, remain key growth catalysts, instilling optimism in the market despite ongoing debates regarding artificial intelligence (AI) valuation.

At the time of writing, Monday, November 17, Nvidia stock was trading at $188.60, down 0.83% in pre-market.

New Nvidia price targets

The most recent call arrived from Harlan Sur at JPMorgan, who kept a “Buy” rating on Nvidia along with an unchanged $215 price target on November 17. Supporting that bullish stance, Rothschild & Co Redburn increased their target to $245 from $211 and reaffirmed a “Buy,” and Fubon Securities raised theirs to $250 from $210, also maintaining a “Buy” rating.

Last week, Evercore ISI’s Mark Lipacis reiterated a “Buy” rating for Nvidia with a $261 price target on November 14, adding that the firm would be buying NVDA shares ahead of the earnings report. 

Oppenheimer analyst Rick Schafer also expects strong performance from the semiconductor leader. Namely, he sees room for Nvidia to beat Wall Street’s revenue and earnings per share (EPS) estimates of $54.7 billion and $1.25, respectively, and believes the numbers will jump to $61.5 billion and $1.42 in the next quarter. 

Likewise, the analyst forecasts data center revenue, Nvidia’s core segment representing 88% of total sales, to surge 58% year-over-year (19% quarter-over-quarter), justifying his new 12-month price target of $265 announced on November 13.

The figure is slightly above the average price target of $242, based on a total of 39 ratings aggregated over the past three months on the market analysis platform TipRanks.

Morgan Stanley analyst Joseph Moore raised his Nvidia price target from $210 to $220 on Friday, November 14, reiterating his “Buy” rating and forecasting that the chipmaker is positioned to post its strongest performance of the year. 

Similarly, Wells Fargo’s Aaron Rakers lifted his own price target from $220 to $265 on the same day, albeit with an “Overweight” rating, while projecting that Nvidia will generate $50–$60 billion in revenue.

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