Home Most Popular Investing <!DOCTYPE html> <html> <head> <title>Anticipating Nvidia’s Q4 Earnings Report</title> </head> <body> Checking the Average Zacks Price Target for Nvidia’s Stock Before Earnings

Anticipating Nvidia’s Q4 Earnings Report Checking the Average Zacks Price Target for Nvidia’s Stock Before Earnings

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    <title>Anticipating Nvidia’s Q4 Earnings Report</title>
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    Checking the Average Zacks Price Target for Nvidia’s Stock Before Earnings

Wondering whether Nvidia (NVDA) can meet its lofty Q4 expectations when the closing bell rings today has been at the forefront of investors’ minds. The surging demand for its AI chips has propelled Nvidia’s stock over +200% in the last year, with NVDA shares already up +30% year to date.

However, NVDA shares have dipped over -10% from their 52-week highs of $756.11 a share earlier this month. Some investors may be contemplating taking profits, while others may be eyeing their entry point and pondering if the drop under $700 a share is just a temporary pause before Nvidia’s stock surges again.

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Assessment of Price Target & Broker Recommendations

As investors anticipate Nvidia’s Q4 results, they may be examining analyst price targets. Based on the short-term price targets provided by 38 analysts, the Average Zacks Price Target of $724.19 a share currently implies a 7% upside with NVDA shares down roughly -3% to around $674 a share in this morning’s trading session.

Notably, 35 out of 40 brokerage firms covering Nvidia’s stock and offering data to Zacks have a strong buy rating at the moment, with 2 at a buy and 3 at a hold. This gives Nvidia a very favorable ABR (average broker recommendation) of 1.20 on a scale of 1 to 5 (Strong Buy to Strong Sell).

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Q4 Expectations & Earnings Estimate Revisions

Prior to Nvidia’s Q4 results, the Zacks Consensus for earnings is at $4.55 per share, which would represent 417% growth from $0.88 per share in the comparative quarter. Fourth quarter sales are projected to increase 235% to $20.31 billion.

Overall, Nvidia is expected to conclude its fiscal 2024 with annual earnings climbing 270% to $12.36 per share and total sales increasing 119% to $59.13 billion. Importantly, the trend of earnings estimate revisions has been positive, with FY24 EPS estimates slightly up over the last 60 days while FY25 EPS estimates have risen 3%.

Zacks Investment Research

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Final Thoughts

Although investors may be anxious about Nvidia’s Q4 results, the considerable number of brokers backing its stock is quite reassuring. Nvidia’s stock currently sports a Zacks Rank #2 (Buy), attributed to rising earnings estimate revisions. A post-earnings rally wouldn’t be surprising if the chip giant can reach or exceed its lofty Q4 expectations.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.