NVIDIA Stock Forecast as Top Wall Street Pros Boost their Targets

Key Insights

• NVIDIA stock price retreated to a crucial support level.
• Top Wall Street analysts have boosted their target.
• The stock will likely rebound in the coming weeks.

NVIDIA stock price pulled back after its latest earnings report, entering correction territory after falling roughly 10% from its yearly high. Despite the decline, analysts maintained bullish outlooks as artificial intelligence demand continued supporting revenue growth and long-term expansion plans.

Analysts Raise NVIDIA Stock Price Targets

Wall Street analysts remained optimistic on the NVDA stock price following the latest quarterly results.

Baird raised its target from $300 to $500, while Roth Capital increased its forecast from $280 to $300. Daiwa Securities lifted its target to $255, Benchmark raised its estimate from $250 to $335, and Evercore increased its projection from $352 to $413.

As a result, the broader analyst consensus target climbed to approximately $303, implying further upside from current levels. Twelve months ago, the average analyst target stood near $167.

NVIDIA Has Numerous Bullish Catalysts

These estimates are happening because of the company’s numerous catalysts. For example, its financial results showed that its business continues to thrive amid the ongoing AI boom.

NVIDIA’s earnings revealed that its revenue continued rising and beating what analysts were expecting. Its revenue jumped to $81 billion, while the earnings-per-share (EPS) soared to $2.39, up by 202% from the same period last year.

The company also hinted that its business has more room to grow as companies boost their capital expenditure plans. For example, Wall Street analysts believe that the company’s revenue will near $400 billion this year.

These are huge numbers for a company that made less than $30 billion in 2022. Its quarterly profit of $58 billion was also higher than its revenue in 2022 and 2023, combined.

The company has more potential catalysts. For example, the company is now entering the AI CPU industry, which is seeing strong growth in the era of AI agents. These agents rely more on CPUs rather than the expensive GPUs. NVIDIA believes that the business will be worth over $200 billion in the future.

The company is also well-positioned in other future industries. For example, it is indirectly seeking to benefit from quantum computing by investing in several companies, including Quantinuum, PsiQuantum, and QuEra Computing. Just this month, it invested in Alice & Bob and Infleqtion. It hopes to benefit in an industry that is expected to dominate the next era of computing.

Meanwhile, NVIDIA will be a key beneficiary in the upcoming OpenAI IPO, which will value it at over $1 trillion. The company invested $30 billion in OpenAI at a $800 billion valuation. As such, a $1 trillion valuation would mean an automatic valuation increase.

The company has made investments in some of the top gainers in the stock market this year. It invested in Intel, whose stock has jumped by 218% this year and is the second-best performer in the S&P 500 Index this year. It also invested in Lumentum whose shares rose by 150% this year.

NVDA Stock Price Technical Analysis

A look at the daily chart shows that the NVDA stock price has jumped in the past few months. It soared from a low of $164 in March to a record high of $236.

The stock has now pulled back after the last earnings report and has retested the crucial support level at $212. This is a sign that the stock has formed a break-and-retest pattern, a common bullish continuation sign.

The stock has remained above all moving averages. Therefore, the most likely NVDA stock forecast is bullish, with the next key target being at $260. This target is estimated by measuring the cup’s depth and then the same distance from its upper side of the cup. A drop below the support at $200 will invalidate the bullish outlook.

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