Nvidia (NASDAQ:NVDA) stock is one of the most-discussed stocks on the social media platform Reddit. It has significantly gained mentions and is buzzing on Reddit. It’s worth highlighting that the company has been growing rapidly due to AI (Artificial Intelligence)-driven demand. Given NVDA’s leading position in AI, Rosenblatt Securities analyst Hans Mosesmann expects this buzzing Reddit stock to hit $1,100 in price, implying significant upside potential from current levels.
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Following NVDA’s exceptional second-quarter financials, Mosesmann, on August 23, reiterated a Buy on the stock. The analyst said, “Nvidia’s epic print and guide two quarters in a row is simply unprecedented and just getting started.” He raised the price target to $1,100 from $800.
Will Nvidia Shares Continue to Rise?
The significant demand for its accelerated computing and AI platforms could continue to drive its Data Center revenues in the coming days. Impressively, NVDA’s HGX platform, which is called the engine of generative AI and large language models, is seeing massive demand from cloud service providers and consumer Internet companies.
Nvidia is poised to deliver strong revenue and cash flows driven by solid secular tailwinds. Further, the company may continue to enhance its shareholders’ returns via significant share buybacks.
Thanks to the solid demand environment, Nvidia, which is part of the magnificent seven stocks, has gained about 238% year-to-date. Even though the stock has increased significantly, it hasn’t peaked. Analysts expect NVDA stock to continue to rise from the current levels.
Analysts’ average 12-month price target of $636.62 implies 28.99% upside potential from the current level. Meanwhile, Mosesmann’s price target of $1,100 on Nvidia stock shows a solid upside potential of 122.88%.
Bottom Line
Nvidia is poised to gain as enterprises rush to integrate AI into their products and services. The solid AI-led demand and favorable risk/reward make NVDA stock attractive. This buzzing Reddit stock has a Strong Buy consensus rating from analysts, with 39 out of 40 analysts recommending a Buy.
