NVIDIA Corporation (NASDAQ: NVDA) stock saw a modest decline despite UBS analysts revising their price targets on the graphics card company’s shares upward.
UBS analysts have revised the price target for NVDA stock, increasing it from $580 to $850 per share. This upward adjustment represents a potential 17.6% upside from the latest closing price. Moreover, it significantly outpaces the analysts’ consensus price forecast of $616.35 per share, indicating a notably bullish sentiment.
UBS analysts have also reaffirmed their Buy recommendation for NVDA stock, aligning with the consensus rating derived from 39 opinions on NVDA shares.
UBS attributes the rise in the price target to the imminent Nvidia earnings report. This proactive adjustment by analysts signals optimistic forecasts for the company’s performance.
Investors should mark their calendars for NVDA’s upcoming earnings report release to validate UBS’s insights. The company will unveil its fiscal fourth quarter 2024 earnings on February 21, 2024.
This move by UBS follows a similar trend, as earlier this month, Goldman Sachs analysts raised their price target for NVDA to $800. The justification for this increase was attributed to the escalating demand for artificial intelligence (AI) and improved availability of graphics processing units (GPUs). Goldman Sachs analysts have also reiterated their Buy rating on the stock.
NVIDIA (NASDAQ: NVDA) Stock Reaction
NVDA stock saw a modest decline of 0.17% to close at $721.28 on Tuesday. The traders had exchanged hands with 59,959,065 (59.95 million) shares compared to the average daily trading volume of 43.73 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
