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Rosenblatt Ramps Up Nvidia (NVDA) Stock Price Assessment Rosenblatt Ramps Up Nvidia (NVDA) Stock Price Assessment

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NVDA stock - Rosenblatt Just Majorly Hiked Its Nvidia (NVDA) Stock Price Target

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Nvidia (NASDAQ:NVDA) has impressed Wall Street with its quarterly results, causing NVDA stock to soar 15% to a new high. NVDA reported a 265% increase in sales compared to the same period a year earlier, surpassing analysts’ estimates across the board.

Following this development, Rosenblatt Securities raised its price target on the shares from $1,100 to $1,400.

Deeper Insight Into Nvidia’s Performance and Future Prospects

Nvidia’s Q4 revenue stood at $22.1 billion, exceeding the analysts’ $20.5 billion average estimate, accompanied by an earnings per share of $5.16, well above the mean outlook of $4.64. Moreover, the company observed a 265% surge in sales and a 769% year-over-year increase in bottom-line figures.

Regarding its guidance, the chipmaker predicted sales of approximately $24 billion, surpassing the analysts’ $22 billion average outlook. Nvidia is capitalizing on the significant demand for its graphics processing units (GPUs), widely used in artificial intelligence (AI) development.

Evaluating NVDA Stock and Nvidia’s Future Trajectory

Nvidia CEO Jensen Huang maintains that the evolution of AI within data centers is in its nascent stage. If his prediction holds true, NVDA stock has the potential for substantial growth in the short, medium, and long term. Huang even remarked, β€œMy guess is we are literally into the first year of a 10-year cycle of spreading this technology into every single industry.”

Additionally, investment bank Loop Capital asserted that Nvidia would benefit from extensive spending on its chips by data centers, initiating coverage of the shares with a β€œbuy” rating and a $1200 price target on February 16.

At the time of publication, Larry Ramer did not hold any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been SMCI, INTC, and MGM. You can reach him on Stocktwits at @larryramer.

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