#1 - NVIDIA (NASDAQ:NVDA)
Many investors missed out on the explosive growth of NVIDIA Corp. (NASDAQ: NVDA) stock in the last 18 months. And even with a $3.4 trillion market cap and a forward price-to-earnings ratio of 63x, there’s still a bullish path for growth in this Magnificent 7 stock.
NVIDIA is the clear leader in the high-performance graphic processing units (GPUs) that are needed to power AI applications. Most industry analysts are forecasting the need for hundreds of billions to be spent to keep up with demand. And NVIDIA will get the lion’s share of that demand.
Other companies, notably Advanced Micro Devices Inc. (NASDAQ: AMD), have launched competitive products that may nibble away at certain market segments. But with a commanding market share of over 85%, NVIDIA won’t be unseated any time soon.
As of October 30, 2024, NVDA stock was trading near the consensus price target of around $143. But analysts are beginning to bid the stock higher in advance of the company’s earnings report in mid-November. Most notably, analysts from Bank of America raised their price target for NVIDIA to $190, a 38% increase.
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
- $134.70
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 40 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $164.15 (21.9% Upside)
