NVDA - Is Nvidia Stock Going to $144? 1 Wall Street Analyst Thinks So.
2024-07-02 15:13:50 ET
Nvidia (NASDAQ: NVDA) share prices have recently reversed course after seemingly pushing higher for months without a breather. The stock now trades nearly 13% off its intraday high price of over $140 per share hit last month.
There is one Wall Street analyst who thinks shares of the artificial intelligence (AI) leader will soon rebound and even exceed its all-time high. Morgan Stanley analyst Joseph Moore put out a new note on Nvidia on Monday increasing his price target from $116 to $144 per share. Moore determined that share price based on what he sees as a jump in earnings per share (EPS) through next year. Moore thinks Nvidia stock is worth buying as his new price target would represent a gain of about 17.5% from its current price.
After data checks pointed to strong demand in China and Taiwan, as well as the U.S., Moore raised his EPS estimate for the semiconductor giant from $2.94 to $3.34 per share for next year. Moore believes Nvidia, "remains the most compelling narrative in the AI [semiconductor] space, and as we transition from H100 to H200 and then Blackwell, visibility and backlog will improve materially."
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Is Nvidia Stock Going to $144? 1 Wall Street Analyst Thinks So.