November 13, 2024

Analysts Are Bullish on Nvidia Stock Ahead of Earnings Next Week

Posted By: ndeeney

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Key Takeaways

Mizuho analysts raised their price target for Nvidia ahead of earnings due out Nov. 20.
The firm expects Nvidia to maintain its dominant market share in chips used in data centers for AI training.
Analysts on average project Nvidia to report revenue growth of 82% year-over-year.

Nvidia (NVDA) shares rose Tuesday after analysts at Mizuho raised their price target for the company’s stock ahead of its third-quarter results due next week.

The firm upped its target from $140 to $165, slightly above the analysts consensus near $160, according to Visible Alpha. Shares of Nvidia were recently up nearly 2% to about $148, not far off recent record highs.

“We see [Nvidia] remaining the leader in the AI training and inference chips for data center applications,” the analysts wrote, estimating that the company holds a dominant market share of nearly 95% in the space.

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Nvidia’s third-quarter earnings, expected Nov. 20, will be the company’s first as a member of the Dow Jones Industrial Average after it and paint maker Sherwin Williams (SHW) joined the blue-chip index last week.

The analyst consensus has Nvidia reporting revenue of $33.07 billion, up 82% year-over-year. The world’s most valuable company’s stock has nearly tripled in 2024 driven by demand for the company’s family of AI chips—including its next generation Blackwell graphics processing units.

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