Oppenheimer Just Raised Its Price Target on Nvidia (NVDA) Stock


  • Nvidia (NVDA) is now officially trading on a split-adjusted basis.
  • Many Wall Street analysts are bullish on the company’s growth prospects.
  • Oppenheimer sees significant upside for NVDA stock.
NVDA stock - Oppenheimer Just Raised Its Price Target on Nvidia (NVDA) Stock

Source: gguy / Shutterstock.com

Nvidia (NASDAQ:NVDA) recently enacted a successful 10-for-1 stock split, which took effect earlier this week. Since NVDA stock began trading on a split-adjusted basis, Wall Street sentiment has been improving.

Granted, many analysts were bullish on the artificial intelligence (AI) standout long before it announced stock-split plans. But since trading began this week, plenty of financial institutions have either issued or reiterated “buy” ratings, predicting that the firm’s impressive growth will continue as markets adjust to the newly split stock. One such expert is Rick Schafer of Oppenheimer, who significantly raised his NVDA stock price target today.

What’s Happening With NVDA Stock?

Since it began trading on a split-adjusted basis, NVDA stock has been fairly volatile. As of this writing, shares are down about 1% for the day after rising and falling multiple times. That said, it shouldn’t take too long for the stock to start making progress.

Schafer is certainly optimistic about Nvidia’s growth prospects. The analyst set a price target of $150 for NVDA stock, implying upside of more than 20%. Schafer and his team praised Nvidia as one of the best-positioned companies in the AI space, citing its full stack hardware and software solutions as likely growth driving catalysts. As Seeking Alpha reports:

“Grace CPU successor, Vera, is scheduled for launch alongside Rubin in 2026. 5M developers now use CUDA which includes >350 domain-specific libraries. These libraries support large language model, or LLM, and Generative artificial intelligence, or genAI, expansion into most major markets (auto, healthcare, manufacturing, and others), according to the analysts.”

Schafer also highlighted CEO Jensen Huang’s recent “tour,” which has been excellent for driving hype around Nvidia’s upcoming projects. But these aren’t the only factors to consider when assessing the company’s path to further gains.

With NVDA stock now trading at a discounted level, retail investors are far more able to buy shares if they didn’t buy before the rise of ChatGPT. Indeed, the time to buy NVDA is now, before markets adjust and shares start rising again.

Analysts are pounding the table on NVDA stock because they see its growth potential. Now that the AI leader has split its stock, a trading frenzy is likely brewing. As InvestorPlace contributor Joel Baglole notes, “Nvidia continues to be the stock to own in the current market rally.” That isn’t likely to change anytime soon.

On the date of publication, Samuel O’Brient 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.

Samuel O’Brient is a Reporter for InvestorPlace, where his work focuses primarily on financial markets, global economic trends, and public policy. O’Brient writes a weekly column on recent political news that investors should be following.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/oppenheimer-just-raised-its-price-target-on-nvidia-nvda-stock/.

©2024 InvestorPlace Media, LLC