Shares of Nvidia (NASDAQ:NVDA) were little changed in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2024. Earnings per share came in at $4.02, which beat analysts’ consensus estimate of $3.37 per share.
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Sales increased by 205.6% year-over-year, with revenue hitting $18.12 billion. This beat analysts’ expectations by $2 billion.
Looking forward, management now expects revenue for Q4 to come in at $20 billion (+/- 2%). For reference, analysts were expecting $17.82 billion in revenue.
Is Nvidia a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on NVDA stock based on 37 Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average NVDA price target of $644.07 per share implies 28.86% upside potential.
