Will Nvidia Stock Reach $1,000? Here’s What Experts Think

While Nvidia (NASDAQ: NVDA) has been one of the best-performing stocks in the past year, experts don’t foresee it reaching $1,000 in the next 12 to 18 months. However, virtually all analysts believe NVDA will continue to grow, albeit at a slower pace.

In this article, we are going to examine the most recent price targets released by some of Wall Street’s most prominent analysts and present their arguments. In addition, we are going to consult our stock forecast algorithm for additional insight into NVDA’s potential price movements.

Nvidia (NVDA) significantly outperformed all major stocks in the past year

NVDA has been far and away the best-performing stock out of all major companies in the past year. Since February 2023, NVDA’s value has increased from $221 to $682, producing returns of over +207% in the past year. 

The increase has been largely driven by the market interest in artificial intelligence and companies that are the backbone of the ongoing AI revolution. Nvidia’s computer chips power some of the most advanced AI services in the world, from OpenAI’s ChatGPT to Elon Musk’s xAI. 

With the trend showing no signs of slowing down, many investors are eyeing $1,000 as the next psychological level the stock might break.

Experts are bullish on Nvidia stock but don’t see it reaching $1,000

Price targets for Nvidia published this year by prominent analysts are very bullish, ranging from $700 to $800, with an average increase of 11.5% compared to current market rates. Below, you’ll find 5 of the most recent price targets for Nvidia for the next 12 months, all released since the start of the year.

Goldman Sachs

• Prediction publish date: Feb 5, 2024
• NVDA price target (1-year price change): $800 (+17.3%)

“We believe Nvidia will remain the [AI] industry gold standard for the foreseeable future given its robust hardware and software offerings, and the pace at which it continues to innovate,” Goldman Sachs analyst Toshiya Hari wrote.

Cantor Fitzgerald

• Prediction publish date: Jan 29, 2024
• NVDA price target (1-year price change): $775 (+13.6%)

Cantor Fitzgerald’s analyst CJ Muse believes that Nvidia’s leading position in the AI space and an increase in global IT spending could propel the stock to new heights. 

Raymond James

• Prediction publish date: Jan 19, 2024
• NVDA price target (1-year price change): $700 (+2.64%)

“While the lower cost gives NVDA optionality to aggressively price H100 to limit AMD’s share, we do not foresee such a scenario given the strong demand and NVDA’s focus on performance leadership. We see enough opportunities for both suppliers in the $100B+ Gen AI silicon market,” Raymond James analyst Srini Pajjuri wrote regarding Nvidia’s competition with AMD in the AI computing sector.

Tigress Financial

• Prediction publish date: Jan 18, 2024
• NVDA price target (change from current price): $790 (+15.8%)

Tigress Financial lifted its price prediction from $560 to $760 in January, reflecting the broader bullish sentiment for Nvidia stock among analysts.

KeyBanc

• Prediction publish date: Jan 16, 2024
• NVDA price target (1-year price change): $740 (+8.50%)

KeyBanc’s analyst John Vinh believes strong demand for AI chips by data centers will fuel Nvidia’s growing revenue and, subsequently, its stock price.

Algorithmic Nvidia stock forecast

According to our NVDA stock forecast algorithm, the stock could see a retracement below $400 in the coming months. However, a rally at the end of 2024 going into early 2025 could see NVDA stock reach the $800 mark, which would be a +16.81% increase compared to current prices.

It’s worth noting that we’ve included NVDA in our February edition of the best stocks to invest in, primarily due to the projected increase in earnings per share and clear growth prospects in the AI computing space. Check our other stock picks in our monthly-updated best stocks to buy article.