On October 9, we highlighted an opportunity in Nvidia (NVDA).
At the time, it traded at about $133. Today, it’s up to $138.07 and could race even higher. For one, analysts at Citi reiterated a buy rating on the stock with a $150 price target. Two, Cantor Fitzgerald reiterated an overweight rating on the stock, noting that NVDA remains “our top pick” with a $175 price target.
Three, Goldman Sachs just raised its price target on NVDA to $150 from $135.
As noted by Investing.com, “The investment bank said that in a recent investor meeting with Nvidia’s CEO Jensen Huang, CFO Colette Kress, and IR representative Stewart Stecker, its analysts came away with a stronger conviction about Nvidia’s competitive position, particularly in relation to the increasing complexity of inference workloads.”
Also, if Taiwan Semiconductor provides solid earnings and guidance this Thursday, shares of NVDA could push aggressively higher. At the moment, TSM is expected to surpass its own guidance, which already suggests that chip demand is robust—which is great news for NVDA.
Technically, if NVDA can break above resistance at $140.75, it could potentially race to $150.
Sincerely,
Ian Cooper
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