#1 - Nvidia Corporation (NASDAQ:NVDA)
Nvidia Corporation (NASDAQ: NVDA) was the most magnificent of the Magnificent Seven in 2023, rocketing 239% higher. The company is unlikely to post a 376% growth in earnings per share (EPS) as it did in 2023. Still, if you're looking for a stock that's likely to outperform the market, NVDA stock is a logical choice.
For now, at least, the story is still about artificial intelligence (AI). The AI revolution is still in its early stages, and demand for Nvidia's graphic processing units (GPUs) remains strong. Investors should also note that the company is already seeing strong demand for its H200 next-generation AI chips, which are expected to start shipping in the second quarter of 2024.
There's no doubt that Nvidia is an expensive stock that's trading at 39.3x forward earnings. But if the estimates of 9% earnings growth are accurate and cap-ex spending gets a boost from rate cuts, NVDA stock will easily outpace the broader market.
About NVIDIA
NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.
Read More - Current Price
- $139.55
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 40 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $164.15 (17.6% Upside)
