Schaeffer's 43rd Anniversary Stock Picks in 2024

More Records for Nvidia Stock After Blowout Earnings

No fewer than 25 analysts hiked their price targets

Digital Content Manager
Aug 24, 2023 at 10:33 AM
facebook X logo linkedin


Nvidia Corp (NASDAQ:NVDA) is up 3.2% at $486.22 at last check, after the chip name reported record-breaking second-quarter earnings of $2.70 per share, and a revenue beat of $13.51 billion. Strong demand for semiconductors amid artificial intelligence (AI) growth also led the company to hike its fiscal third-quarter revenue outlook and announce a $25 billion share buyback program.

No fewer than 25 analysts lifted NVDA's price target in response, including Rosenblatt to a Wall Street high of $1,100 from $800, and HSBC to $800 from $780. The brokerage bunch is staunchly optimistic, with 31 of the 34 firms in coverage sporting a "buy" or better, while the 12-month consensus target price of $609.90 is a 26.1% premium to current levels. 

Options volume is already running at four times the intraday average, with 480,000 calls and 346,000 puts exchanged so far today. Most popular is the weekly 8/25 500-strike call, where new positions are being opened.

The equity earlier hit another all-time high of $502.66, with long-term support stemming from its 80-day moving average. Year-to-date, Nvidia stock has amassed a 230.4% lead.

 

A.I.’s Dirty Little Secret: The Real Power Behind The AI. Boom ✨

Anyone who’s seen the The Matrix movies knows that A.I. needs power.  Lots and lots of power.

If you’ve seen the movie, you also know the grizzly results of the ensuing battle for that power.

Now, Wall Street’s battle for A.I. power won’t go to such extremes. Hopefully?

A.I. needs more power and that means more opportunities for stock traders in the know.

Download your free copy of “The A.I. Revolution: 4 Stocks to Buy Now”!