Nvidia Stock Rockets After Impressive Guidance: What Wall Street is Saying
Staff Editor Nvidia has cemented its status as a Wall Street darling after reporting stellar earnings and providing guidance for the ages. The graphics chip maker’s stock exploded in response to the news, rising more than 10% on Thursday.
Analysts were impressed by Nvidia’s strong quarterly performance and outlook, with many raising their price targets for the company’s shares following the report. “We see no signs of slowing demand from data center customers or gaming/prosumer customers,” said one analyst who raised his target price to $500 per share from $450 previously.
Other analysts noted that Nvidia is well-positioned to benefit from multiple secular trends such as cloud computing, artificial intelligence (AI), autonomous vehicles, and 5G networks. One analyst commented that “Nvidia continues to be at the forefront of these opportunities given its leadership position across several key markets.” As a result, he increased his target price for Nvidia shares by 20%.
The overall sentiment was overwhelmingly positive among investors and analysts alike; some even called it “the best quarter ever reported by any semiconductor company”. With such enthusiasm surrounding it right now, there seems little doubt that NVidia will remain an investor favorite going forward into 2021.
Read more at Yahoo Finance
