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Investing.com - Benchmark raised its price target on NVIDIA (NASDAQ:NVDA) to $250.00 from $220.00 on Thursday, while maintaining a Buy rating on the semiconductor giant’s stock. According to InvestingPro data, analyst targets for NVIDIA range from $140 to $350, with a strong consensus recommendation of 1.33, reflecting bullish sentiment despite the stock currently trading above its Fair Value.
The price target increase follows Nvidia’s quarterly earnings report that exceeded market expectations, with the company delivering a $2 billion upside for its third quarter. Nvidia also provided guidance that was nearly $3 billion ahead of consensus estimates. The company’s impressive 71.55% revenue growth and $165.22 billion in revenue over the last twelve months underscores its dominant market position.
Nvidia shares rose approximately 6% in after-hours trading following the earnings announcement, despite recent pressure on AI-focused companies over the past month due to investor concerns about the sustainability of AI spending momentum. InvestingPro data shows NVIDIA has delivered a 38.82% price return over the past six months, with a beta of 2.27 indicating higher-than-average volatility.
Benchmark noted that Nvidia’s strong results and "upfront confrontation of the majority of the market’s fears provided an encouraging structural narrative" that should help calm investor sentiment.
The firm believes these results should not only support Nvidia’s stock but also encourage positive sentiment across the broader AI sector.
In other recent news, Nvidia has reported strong financial results, exceeding revenue expectations by approximately $2 billion in the latest quarter. The company also provided guidance that surpassed consensus estimates by nearly $3 billion, showcasing its robust market position despite limited business from China. Following these results, Piper Sandler reiterated its Overweight rating with a $225 price target, citing strong visibility for Nvidia. TD Cowen also reaffirmed its Buy rating, emphasizing Nvidia’s leadership in artificial intelligence and the continued demand for its AI computing capabilities. Deutsche Bank raised its price target to $215 from $180, maintaining a Hold rating and highlighting the company’s impressive performance in the data center segment. Cantor Fitzgerald reiterated an Overweight rating with a $300 price target, noting Nvidia’s January quarter revenue guidance of approximately $65 billion, slightly above market expectations. In related developments, Authid Inc announced its participation in the NVIDIA Connect Program, marking a significant step in leveraging Nvidia’s AI frameworks to enhance its AI security architecture.
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