Chart of Day: Revisiting Nvidia (NVDA) – 2/24

As we noted Feb. 8, “As Nvidia 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.”

At the time, NVDA traded at around $695.

This morning, the stock is set to open about $88 higher at $761.

nvda

All thanks to blowout earnings and guidance.

Adjusted EPS came in at $5.16, as compared to expectations for $4.64. Revenue of $22.1 billion was also above expectations for $20.62 billion. For its current quarter, the company expects to see sales of $24 billion as compared to estimates for $22.2 billion. That’s up significantly from the $7.19 billion in sales posted a year earlier.

Plus, according to CFO Colette Kress, the supply of current artificial intelligence GPUs is improving and demand is strong. Plus, the company expects its “next-generation products to be supply constrained as demand far exceeds supply,” as noted by Barron’s.

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