That new price target has Lee increasing the firm’s expectation for NVDA stock from $600 per share to $780 per share. This is a potential 80% upside from its prior closing price. That’s incredibly bullish compared to the analyst consensus price prediction of $456.18 per share for NVDA.
To go along with that news price target, the HSBC analyst also reiterated his “buy” rating for shares. For the record, the analyst consensus rating for NVDA stock is a “moderate buy” based on 38 opinions.
What’s Behind the Bullish NVDA Stock Price Target?
Lee said the following about Nvidia in a note to clients obtained by CNBC:
“Despite significant FY2Q24 guidance beat last quarter and significant upward revision in consensus earnings, we see Nvidia likely to once again beat its previous guidance as our FY2Q24e sales of USD12bn is now +9% ahead of consensus estimate and company guidance of USD11bn mainly due to more bullish datacentre forecast of USD8.8bn vs consensus estimate of USD7.8bn.”
Investors will also note that analysts at KeyCorp also increased their price target for NVDA stock today. They bumped the company up from a $550 price target to a $620 per share target.
NVDA stock is up 4.9% as of Monday morning.
There’s even more stock market news traders need to know about below!
We have all of the biggest stock market stories that traders need to know about on Monday! That includes what has shares of Earthstone Energy (NYSE:ESTE), NAPCO Security Techs (NASDAQ:NSSC) and Super League Gaming (NASDAQ:SLGG) stock moving today. All of that news is ready to go at the links below!
More Stock Market News For Monday
- ESTE Stock Alert: The $4.5 Billion Reason Earthstone Energy Is Up Today
- Why Is NAPCO Security Techs (NSSC) Stock Down 37% Today?
- Why Is Super League Gaming (SLGG) Stock Down 33% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.