We expect to see big things from Nvidia (NASDAQ: NVDA) in the New Year.
For one, the company should continue to benefit from its massive push into virtual reality, the metaverse, and the company’s Omniverse. Two, billionaires like John Overdeck and David Siegel recently bought over 1.2 million shares of NVDA.
Three, the company is benefiting from news that Meta Platforms would invest more in metaverse infrastructure. Better, with regards to its Omniverse, NVDA is already working with Lowe’s, BMW, Siemens, and Lockheed Martin to name a few.
Also, remember, NVDA is a leader when it comes to the cloud, artificial intelligence and machine learning, gaming, autonomous driving, supercomputing, robotics, drones and more.
Even better, analysts have been upgrading the stock. As noted by TheFly.com:
Stifel analyst Ruben Roy raised the firm’s price target on Nvidia to $175 from $165 and keeps a Hold rating on the shares following the company’s Q3 report. Looking ahead to fiscal Q4, Nvidia expects flattish revenue with Gaming and Datacenter segment revenue expected to increase, albeit modestly, on a sequential basis, noted Roy, who adds that Datacenter segment performance “appears positioned to fare better than Gaming over the next few quarters.”
Needham analyst Rajvindra Gill raised the firm’s price target on Nvidia to $200 from $155 and keeps a Buy rating on the shares. The company’s Q3 results were “solid” with data center revenue outlook slightly higher despite weakening China data center sales and H100 adoption is accelerating, the analyst tells investors in a research note. Gill adds that while China continues to weigh on overall results, Nvidia is executing well in the face of these headwinds.