Nvidia Could Rally to $800, even $1,000 a Share in 2023

Aug 24, 2023

Nvidia (NVDA) may be one of the most important companies to civilization.

That’s according to the CFRA equity analyst Angelo Zino, who added that every enterprise company will be reliant on NVDA in some way over the next five to 10 years.

Even Wedbush analyst Dan Ives tweeted, “It’s all about AI demand and use cases. The rest of tech will see this unprecedented spending wave not seen since 1995 over the coming years but Nvidia is on the front lines and the best barometer of true spending. This is NOT hype, it’s jaw dropping spending happening NOW.”

No wonder some analysts say NVDA could be an $800, even a $1,000+ stock at some point.

In fact, Rosenblatt just hiked its price target on the tech giant to $800 from $600 a share. All thanks to the artificial intelligence boom, which shows no signs of slowing. “While early innings, we view NVDA as a high-conviction story thriving amid uncertainty given secular AI, autonomous driving, and metaverse tailwinds,” they noted.

It also came as no surprise to see NVDA blow earnings out of the water.

The company reported revenue of $13.51 billion, a 101% jump from last year. Adjusted earnings came in at $2.70 per share, up 429% from last year. Analysts had expected revenue to come in at $11.04 billion with EPS expected at $2.07. Then, the tech giant issued current quarter revenue guidance of $16 billion, which far outpaces expectations for $12.5 billion.

Better the company also approved a $25 billion share buyback program. It will also pay out a four-cent quarterly dividend payable Sept. 28 to shareholders of record as of Sept. 7.

In short, when it comes to NVDA, we’re looking at a gamechanger with massive potential. If we’re lucky enough to see pullbacks, we’d take full advantage of them all.

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