Nvidia Could Easily See Another 30% of Upside, Say Analysts
Nvidia (SYM: NVDA) could easily race higher, we said on Saturday, May 25.
At the time, it traded at $1,035.
All after the tech giant blew earnings out of the water.
In its first quarter, the company posted adjusted EPS of $6.12 on sales of $26 billion. Gaming revenue was 18% higher year over year. Data center revenue jumped to $22.6 billion as compared to estimates of $21.13 billion. Total revenue was up 427% year over year.
Looking to the second-quarter, Nvidia expects to generate $28 billion in revenue, plus or minus 2%. Analysts were forecasting $26.8B in revenue.
Today, NVDA is up to $1,210.77 and is about to get a lot more attractive at a lower cost. Remember, this Friday, NVDA will split 10:1.
Following the split, shareholders of record as of June 6, 2024, will receive nine additional shares of stock for each share they own after the market close on Friday, June 7. The stock will then begin trading on a split-adjusted basis on June 10.
Post-split, NVDA at about $100 a share will be tough to avoid.
Given the demand NVDA is seeing, it could race right back to $1,000 a share.
Even better, shares could run another 30% higher, says Bank of America. “Despite claims by rivals (AMD, Intel, custom chips or ASICs) we see NVDA with a multi-year lead in performance, pipeline (Blackwell, successors), incumbency, scale and developer support (5mn+),” said the firm, as quoted by CNBC.
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