Nvidia (NASDAQ:NVDA) stock is on the move Tuesday after UBS analysts increased the firm’s price target for the graphics card company’s shares.
This update has the analysts increasing their price target for NVDA stock from $580 per share to $850 per share. That’s a potential 17.6% upside compared to the stock’s price closing price. It’s also incredibly bullish next to the analysts’ consensus price prediction of $616.35 per share.
Alongside this increased price target comes the UBS analysts reaffirming their “buy” rating for NVDA stock. That matches the analysts’ consensus rating for Nvidia’s shares based on 39 opinions.
What’s Behind the Bull Stance on NVDA Stock?
UBS notes that the reason for the price target increase has to do with the upcoming Nvidia earnings report. The analysts are getting ahead of that report by raising its price target, which is a sign that the company has positive expectations.
Investors will want to check back in on NVDA when it releases its next earnings report to see if UBS was right about it. The company is set to release its fiscal fourth quarter 2024 earnings report on Feb. 21, 2024.
NVDA stock is down slightly on Tuesday morning, with some 1.3 million shares traded. The company’s daily average trading volume is about 43.8 million shares.
Investors on the lookout for more of the most recent stock market stories will want to keep reading!
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On the date of publication, William White did not have (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.
