On December 11, we noted, “After failing at triple-top, Nvidia (NVDA) found strong support. At its 50-day moving average, and is just starting to pivot higher.  If it can break above its prior resistance around $497.92, it could easily break to higher highs above $500 a share near term.”

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At the time, NVDA traded at $475.06. It’s now up to $501.94, and we still believe it could see $600 a share in the new year. Helping, Bank of America just called NVDA one of its top semiconductor picks for 2024, and argues that NVDA still trades at a “depressed” P/E multiple. The firm also has a $700 price target, with a buy rating on NVDA.

There’s also speculation NVDA could split its shares, especially as it ramps up substantial growth, and expands its margins. Again, it’s just speculation, but we wouldn’t be shocked if it were to be announced in the new year.


Ian Cooper