Nvidia (NVDA) Price Targets Raised by Wall Street Firms Ahead of Earnings Report
Key Points
- Nvidia (NVDA) is set to report its fiscal first-quarter earnings results after the closing bell on Wednesday.
- Wall Street firms have raised their price targets for Nvidia ahead of the earnings report.
- Nvidia shares are up 91% year-over-year.
Wall Street Sentiment on Nvidia
Ahead of Nvidia's fiscal first-quarter earnings report, several Wall Street firms have raised their price targets for the company. * **Bank of America** raised its price target from $1,000 to $1,100. * **Citigroup** raised its price target from $950 to $1,050. * **Goldman Sachs** raised its price target from $900 to $1,000. The analysts at these firms are citing Nvidia's strong momentum in the gaming, data center, and artificial intelligence markets. They believe that Nvidia is well-positioned to continue to grow its revenue and earnings in the coming quarters.
Nvidia's Financial Performance
Nvidia has been one of the best-performing stocks in the market over the past year. The company's shares have gained 91% since this time last year. Nvidia's strong financial performance has been driven by the growth in its gaming, data center, and artificial intelligence businesses. The company's gaming business has benefited from the launch of new consoles from Sony and Microsoft. The company's data center business has benefited from the growth of cloud computing. And the company's artificial intelligence business has benefited from the growing adoption of AI in various industries.
Nvidia's Earnings Outlook
Nvidia is expected to report strong fiscal first-quarter earnings results on Wednesday. The company is expected to report earnings per share of $1.28 on revenue of $6.5 billion. This would represent a year-over-year increase in earnings of 87% and revenue of 53%. Analysts are optimistic about Nvidia's long-term prospects. The company is a leader in the gaming, data center, and artificial intelligence markets. These markets are expected to continue to grow in the coming years, which should benefit Nvidia's financial performance.
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