Nvidia’s (NVDA) stock is leading the entire semiconductor sector higher to begin the New Year.
Don't Miss Our New Year's Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
NVDA stock is up more than 2% on January 2, the first trading day of 2025. The move higher in the largest semiconductor stock by market capitalization is helping to lift other stocks in the space. Shares of Advanced Micro Devices (AMD), Broadcom (AVGO) and Qualcomm (QCOM) are each on the rise.
The march higher in semiconductor stocks comes amid choppy overall trading in U.S. markets. The blue-chip Dow Jones Industrial Average was in negative territory at noon hour on January 2, while the benchmark S&P 500 index and the technology-laden Nasdaq Composite index were marginally higher.
Bullish Call
NVDA stock is gaining amid continued bullish calls from the analyst community. The latest positive sentiment comes from Loop Capital, whose analysts said in a note to clients that Nvidia is in a “nirvana” moment and showing signs that its rally can be sustained throughout the year ahead.
Nvidia was one of the top-performing stocks during 2024, having gained more than 180% and achieving a market capitalization of $3.36 trillion. In the final weeks of the year, the semiconductor space also got a boost from a rally in stocks of other chipmakers, notably Broadcom, whose share price has risen more than 40% in the past month alone.
Is NVDA Stock a Buy?
The stock of Nvidia has a consensus Strong Buy rating among 40 Wall Street analysts. That rating is based on 37 buy and three Hold recommendations assigned in the last three months. The average NVDA stock price target of $177.08 implies 28.92% upside from current levels.
