Wall Street Analysts Expect Further Growth in Nvidia Stocks in 2024
The shares of Nvidia continue to show impressive growth and analytical firms are adjusting their target prices accordingly. According to data provided by analysts, the growth potential of Nvidia shares averages 34.41% over the next 12 months. This means that the stock price could increase by the specified percentage relative to the current level. As of August 25, 2023, Nvidia shares are trading at $471.63.
Analysts are raising their target prices for Nvidia shares after the Q2 2024 earnings report
| Date | Potential Growth (%) | Analytical Firm | Target Price (Change) |
|---|---|---|---|
| 08/24/2023 | 41.64% | Truist Securities | $545 → $668 |
| 08/24/2023 | 48.42% | Craig-Hallum | $500 → $700 |
| 08/24/2023 | 27.22% | Argus Research | $450 → $600 |
| 08/24/2023 | 29.34% | Jefferies | $500 → $610 |
| 08/24/2023 | 27.22% | TD Cowen | $500 → $600 |
| 08/24/2023 | 27.22% | Susquehanna | $575 → $600 |
| 08/24/2023 | 27.22% | Wells Fargo | $500 → $600 |
| 08/24/2023 | 59.02% | Baird | $570 → $750 |
| 08/24/2023 | 18.74% | UBS | $540 → $560 |
| 08/24/2023 | 27.22% | Wedbush | $490 → $600 |
| 08/24/2023 | 32.52% | Benchmark | $475 → $625 |
| 08/24/2023 | 27.22% | BMO Capital | $550 → $600 |
| 08/24/2023 | 33.58% | Morgan Stanley | $500 → $630 |
| 08/24/2023 | 37.82% | B of A Securities | $550 → $650 |
| 08/24/2023 | 33.58% | Wolfe Research | $570 → $630 |
| 08/24/2023 | 31.46% | Piper Sandler | $500 → $620 |
The average target price is $609.17 (with a growth potential of 34.41%).
A table with target prices from Wall Street analytical firms has also been created. Over 10 leading Wall Street analytical firms have updated their forecasts for Nvidia stocks after the publication of the financial report for the second quarter of 2024. Almost all analytical firms are extremely optimistic.
The financial report turned out to be very strong. We have published the results of Nvidia’s financial report for the second quarter of 2024 here.
One of the analytical firms that changed its target price is Truist Securities. They raised their target price from $545 to $668, which represents a growth potential of 41.64%. Analysts believe that the demand for Nvidia’s AI servers exceeds expectations, and the increase in forecasts for the 2024 and 2025 fiscal years for AI-based servers shows that the company’s profit growth potential is not fully reflected in the stock price.
Overall, market expectations for Nvidia are high. The company continues to demonstrate impressive financial results amidst the AI boom and high demand for Nvidia’s graphics processors and AI servers. The increase in profit forecasts for future years for AI servers is not fully accounted for in the stock price. Therefore, analysts maintain optimistic views on the company’s future. However, investors should monitor the dynamics of stock prices, financial indicators, economic factors, and updates to target prices to make informed investment decisions.
