Nvidia opened its first session on Thursday after reporting its latest quarterly results. The tech company’s revenue and earnings beat expectations, even hitting its all-time high: $30 billion compared to the $28.86 billion that the market expected in sales. Compared to the same period in 2023, Nvidia increased it by 122% while compared to the first quarter of 2024, it increased it by 15%. Despite this, Investors received the news with declines of more than 2.5%.
Despite this, analyst firms not only maintain high expectations for the AI-related company, but the vast majority of companies that revised their price target after these results did so upwards. With a price target of $147.55 and a potential return of 151.1%Nvidia has been reviewed by at least 42 analytics houses that collect Bloomberg and none of them changed their recommendation ahead of the earnings call. Most of these firms suggest it is time to take a position in the company, especially out of the 42 investment firms that all advise buying, with the exception of Deutsche Bank, DA Davidson, Morningstar and Ed Sewater Research, which have a hold recommendation.
An example of these analyst firms that have raised their price target is Bank of America (BofA). The investment bank places its reference at $165 per share compared to the $150 it previously recommended. Morgan Stanley, in turn, increased it by 4.16% (previously the price was $144) to $150. JP Morgan, for its part, also followed the same trend and increased its price by 34.78%. From $115 to its new mark at $155. Other firms such as Citi did not flinch and chose to maintain their target prices.
While it is true that the fruits of technology have been very good, according to Bank of America (BofA), The stock is likely to suffer from some volatility, although it is expected to continue setting new revenue and earnings records.
