Analyst updates Nvidia stock price target after blockbuster earnings

While the stock market has not offered a decisive move in the extended session leading to February 26, Wall Street was quick to weigh in on the future of Nvidia (NASDAQ: NVDA) following the firm’s latest earnings report. 

Specifically, Cantor Fitzgerald analyst C.J. Muse reiterated the previous ‘Buy’ rating for NVDA shares in the early morning of February 26 while assigning a highly bullish $300 12-month price target to the equity.

Should Nvidia stock meet the forecast, it would mean the blue-chip chipmaker rallied 52.45% from its press time price of $196.79 in just 52 weeks. For comparison, the semiconductor giant is up 49.90% in the last 12 months.

According to Muse, such a high target is the result of Nvidia ‘setting new high-water marks’ with its latest earnings reports, considering it both managed to significantly beat forecasts in the preceding quarter and raise forward-looking guidance to unexpected highs. 

Furthermore, while the Cantor Fitzgerald analyst opined that the firm’s higher-than-expected operating expenses pose some risk, they remain ‘okay’ under the recent industry and market conditions. 

Nvidia’s new ‘high-water marks’ earnings report

Looking at the quarterly report itself, Nvidia essentially provided its shareholders with across-the-board beats. The company’s quarterly revenue came in at $68.13 billion – it was expected to hit $66.21 billion.

Similarly, the NVDA earnings per share were reported at $1.62, while Wall Street had its sights set at $1.53.

An especially important element of the publication, however, was the guidance. Indeed, Nvidia expects its revenue to reach $78 billion by the end of the ongoing quarter, meaning its annual sales might hit approximately $300 by the end of the fiscal year. 

Wall Street weighs in on Nvidia stock future performance

Lastly, multiple other Wall Street analysts weighed in on NVDA shares’ future following the earnings report. 

Though all of the institutional experts reiterated their ‘Buy’ recommendations, only Bank of America’s (NYSE: BAC) Vivek Arya was as bullish as Cantor Fitzgerald, having revised the price target from $275 to $300.

Needham’s Quinn Bolton was comparatively the least bullish, as he forecasted a 21.96% rally to $240.

JPMorgan (NYSE: JPM), Morgan Stanley (NYSE: MS), William Blair, and Keybanc all also weighed in with positive recommendations and 12-month forecasts ranging from $260 to $275, per the data FInbold retrieved from the stock analysis platform TipRanks on February 26.

Elsewhere, investors appear somewhat less confident in Nvidia. After entering a vertical rally in the first hour after the filing, the extended session turned choppy, and NVDA stock is, at press time, up 0.61% in the Thursday pre-market.

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