Wall Street Analyst Predicts Nvidia Stock to Reach $1,350 Amid Growing AI Potential
Is Nvidia Stock Going to $1,350?
Upside of nearly 50% might seem like a pipe dream, but there's a clear path to get there. Artificial intelligence (AI) went viral early last year and shows no signs of letting up. Nvidia (NASDAQ: NVDA) supplies the graphics processing units (GPUs) that underpin the technology, and demand continues unabated.
Rack 'em up
HSBC analyst Frank Lee reiterated his buy rating on the stock and raised his price target to $1,350. That represents potential gains for investors of 49% over the coming year compared to the stock's closing price on Monday. The analyst suggests that Nvidia's sales and profits will be more robust than investors expect.
- Nvidia's revenue will top $26 billion in the first quarter of fiscal 2025, outpacing analysts' consensus estimates
- Analyst believes the company's profits will outpace Wall Street's expectations by 45%
- Investors have continually underestimated the accelerating adoption of AI and its impact on Nvidia's results
- Recently released Grace Blackwell GB200 Superchip and NVL36/NVL72 liquid-cooled servers could lead to additional revenue and profits
Nvidia stock is currently trading at 36 times forward earnings, supported by triple-digit revenue growth. Should you invest $1,000 in Nvidia right now?
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