The last time we highlighted opportunity in Nvidia (NVDA), it traded at around $550 on Jan. 16.
At the time, we said, “The company recently made several big announcements at CES 2024, which included new chips for generative AI, PCs, gaming, and newer partnerships. NVDA also announced its newest GeForce RTX graphics cards.”
Today, NVDA is up to $686.03, and has become unstoppable. Goldman Sachs even raised its price target to $800 a share from $625, with a buy rating. As noted by Barron’s, the firm “now expects capital spending on cloud computing to rise 26% this year from 2023 levels, and 5% growth next year. That supports sustained demand for Nvidia’s hardware.”
As the company nears its earnings release on February 21, the stock could rally even higher.
With the momentum it’s seeing, it could easily hit our $1,000 price target soon.
