Wall Street analysts remain highly bullish on Nvidia (NVDA) stock as the AI leader prepares to report Q3 earnings. In exactly one week, on November 20, Nvidia is scheduled to host its Q3 earnings call, and analysts are expecting positive results. It’s been another year of steady growth for NVDA stock as the AI boom continues to push the tech sector upward. Donald Trump’s recent election is seen as a bullish indicator for the industry, but right now, this positive sentiment is likely due to Nvidia’s perceived strength and growth potential.
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Why Is Nvidia Stock Down Today?
While Nvidia stock is down today, this can likely be attributed to negative market momentum. Other high-growth tech stocks, such as Microsoft (MSFT) and Advanced Micro Devices (AMD), are also in the red today, though not by much. NVDA stock is currently down 1% amid some volatility. While shares are still down 1.5% for the week, Nvidia will likely rebound as the Q3 earnings call approaches.
Recent price target increases for Nvidia show that analysts remain confident in the stock’s potential. Here’s a breakdown of the experts who expect NVDA stock to keep rising:
- Atif Malik of Citi (C) recently increased his NVDA stock price target from $150 to $170, implying a 16% upside potential. His team maintains a Buy rating and is optimistic about Nvidia’s chip sales and data centers.
- Harsh Kumar of Piper Sandler raised his NVDA stock price target from $140 to $175, implying 19% upside potential. He also maintains a Buy rating, anticipating that Nvidia will “exceed revenue expectations in the coming quarters.”
- Timothy Arcuri of UBS (UBS) increased his NVDA price target from $150 to $185, implying an upside potential of 19%.
- Vijay Rakesh of Mizuho Securities raised his NVDA stock price target from $140 to $165, implying 12% upside potential, while maintaining a Buy rating. The Fly reports that his firm anticipates “inline January quarter guidance,” which could set it up for a strong 2025.
- Joseph Moore of Morgan Stanley (MS) increased his price target from $140 to $165, implying 8% upside potential. He maintains a Buy rating while predicting Nvidia’s chip sales will reach $6 billion.
Wall Street Remains Highly Bullish on NVDA Stock
Overall, Wall Street is still highly bullish on Nvidia as the company prepares to report earnings. Analysts have a Strong Buy consensus rating on NVDA stock based on 39 Buys and three Holds assigned in the past three months, as indicated by the graphic below. After a 196% rally in its share price over the past year, the average NVDA price target of $157.82 per share implies a 7% upside potential.
