Wall Street Rallies Behind Nvidia Ahead of Earnings Report
Wall Street is cheering for Nvidia as its stock hits new highs with strong buy recommendations.
With the Nvidia’s quarter ending and its financial results to be published on Wednesday, the Wall Street is cheering for the company and the chipmaker’s stock is going to the roof. The chipmaker’s stock rises to new 52-week high and more than 15% of stock estimates go towards a buy recommendation as speculation over the earnings report. Most of the 23 analysts that cover Nvidia’s stock are overwhelmingly positive and two-fifths of them put a $17 price target on the stock. One thing is clear, the stock is highly recommended, obviously.
As of today, the mean consensus price target is $145.69, which represents about 15% more than Monday’s closing price which was at $126. The price estimates go in the range from $100 to $180. Nvidia’s stock has risen over 150% so far this year and the upcoming earnings report will specify how it has been doing to apply stockholder’s gain to the future strategies. Speculation claims that people are rushing to buy Nvidia’s shares, calling this event a stampede, and it is logical since this earning report and the future consequences for the company will be a major indicator of the company’s developments and its impact on industry trends. The bullish data over Nvidia’s stock doesn’t just mean this, but it also affects Wall Street’s projected trends for the technology and artificial intelligence market, with Nvidia’s information and hardware being a good predictor for the future of the market. It can be said that the future of AI technologies will be greatly influenced by Nvidia’s data and trends.
