NVIDIA Hits New High, Price Targets Raised

NVIDIA Corporation (NVDA) recently reached a new 52-week high of $746.11. Over the past month, shares have risen by 32.1%, and since the beginning of the year, they have seen a total gain of 45.9%. In its last earnings report, the company reported an EPS of $4.02, surpassing the estimate of $3.36. It also exceeded the revenue estimate by 11.9%. For the current fiscal year, NVIDIA is projected to post earnings of $20.25 per share on $59 billion in revenues, representing a year-over-year change of 64.37% and 54.69% respectively.

NVIDIA Corporation is globally recognized as a leader in visual computing technologies and the inventor of the graphic processing unit, or GPU. Since being added to the Focus List on May 20, 2019, at $39.13 per share, shares have increased 1746.36% to $722.48. Analysts are expecting NVIDIA's earnings to grow 268.9% for the current fiscal year.

In recent trading, NVIDIA shares were up 0.9% to $729.28, outperforming the broader market. Both UBS and Mizuho have raised their price targets on NVDA. Mizuho raised it from $625 to $825 and UBS raised it from $580 to $850. This comes ahead of NVDA's fiscal Q4 report, where analysts expect quarterly revenue and EPS to be above estimates.

UBS has increased its price target on NVIDIA to $850 from $580 and reiterated a buy rating on the stock. The brokerage expects NVIDIA to exceed data-center revenue estimates by $2.5 billion to $3 billion, with an estimated data-center revenue of $19.45 billion, implying sequential growth of 34%. UBS also expects total fourth-quarter revenue of $22.95 billion. The analysts raised their fourth-quarter adjusted earnings per share forecast to $5.31 from $4.75 and their full-year target to $13.12 from $12.55.

NVIDIA is expected to experience a significant sales growth of around 60% in calendar year 2024. The company's PEG ratio is remarkably low at just 0.23, indicating strong growth potential.