We’ve mentioned Nvidia (NVDA) a few times over the last year – and we still believe it could push even higher. For one, with earnings nearing, we could see a continuation of the anticipatory momentum. Two, Piper Sandler just hiked its price target on NVDA to $230.
“In our view, the backlog support for the entire 2024 forecast is stellar,” they said, as quoted by CNBC. “We continue to see NVDA as the only and hence premier full-stack accelerated compute provider and reiterate our top-large cap pick.”
Nvidia, which is expected to release fourth-quarter earnings next week, sees more positive momentum from generative artificial intelligence.