Keep an eye on Nvidia (NVDA).
After dropping from about $153 to $131.80, the tech giant caught strong support just under its 50-day moving average and starting to pivot higher. It’s also starting to pivot from an over-extension on Williams’ %R and could easily retest its prior high of about $153 again shortly.
Helping, analysts at Mizuho just reiterated a buy rating on NVDA, noting, ““We see NVDA remaining the leader in the AI training and inference chips for Data Center applications (we estimate >95% share), which we believe is growing at a 74% CAGR to >$400B by 2027E,” as quoted by CNBC.
Analysts at Argus also raised their prices target on NVDA to $175 from $150 with a buy rating.
As noted by TheFly.com: The company “once again blew out aggressive consensus estimates” for fiscal Q3, with revenue up over 90% and non-GAAP earnings rising in triple-digit percentages, the analyst tells investors in a research note. The firm looks for growth beyond data center and artificial intelligence in Nvidia’s other end markets of gaming, professional visualization, and automotive.
Sincerely,
Ian Cooper
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