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<p class="has-drop-cap">Nvidia (NASDAQ: NVDA) impressed investors and analysts on Tuesday after <a href="https://tokenist.com/why-nvidia-dipped-despite-blockbuster-q3-earnings/" rel="noopener noreferrer nofollow" class="deco-link">reporting another massive quarter</a>, showing a 206% surge in revenue amid the current artificial intelligence (AI) mania. Interestingly, the stock fell in the post-earnings session, but that <a aria-label="did not take away from the analysts’ confidence (opens in a new tab)" href="https://www.cnbc.com/2023/11/22/goldman-and-jpmorgan-crank-up-nvidia-price-targets-following-earnings.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">has not detracted from the analysts’ confidence</a> in the chipmaking behemoth.&nbsp;</p>
<h3 id="goldman-jpmorgan-morgan-stanley-analysts-raise-nvidia-price-targets">Goldman, JPMorgan, Morgan Stanley Analysts Raise Nvidia Price Targets</h3>
<p>Nvidia’s shares fell Wednesday despite a blockbuster earnings report revealing that the chipmaker saw a threefold revenue increase in Q3 2024. The stock closed at $487.16, just two days after printing an all-time high of $504.20.</p>
<p>However, despite a discouraging post-earnings market reaction, Wall Street thinks there’s plenty more room for growth at Nvidia amid the ongoing <a href="https://www.economist.com/finance-and-economics/2023/02/02/the-ai-boom-lessons-from-history" target="_blank" aria-label="AI craze (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">AI craze</a>.</p>
<p>Notably, many analysts with buy-equivalent ratings on NVDA left those bullish assessments unchanged. Furthermore, several banking giants hiked their price targets for the AI stock, predicting further upside ahead following the latest financial results.&nbsp;</p>
<p>For instance, Goldman Sachs strategist Toshiya Hari hiked the price target by $20 to $625. That is 28% higher than NVDA’s closing price on Wednesday.&nbsp;</p>
<p>“While we expect the debate around CY2025 earnings power to continue, we come away from the call with increased conviction that the combination of a) idiosyncratic product cycles across Nvidia’s Compute (i.e. GH200, L40S) and Networking (Spectrum-X) franchise, b) strong demand from an increasingly diverse customer base (e.g. uptick in demand from regional cloud service providers and governments),” as well as the improving supply are set to drive growth in near future.&nbsp;</p>
<p>Meanwhile, JPMorgan analyst Harlan Sur raised his price objective on the tech stock by $50 to $650, while Morgan Stanley’s Joseph More raised his target by $3 to $603.&nbsp;</p>
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<h3 id="china-export-restrictions-woes-remain">China Export Restrictions Woes Remain</h3>
<p>Unsurprisingly, Wall Street’s biggest banking giants further raised their price targets on Nvidia’s shares.</p>
<p>The leading chipmaker continues to thrive on the AI boom, posting adjusted earnings per share (EPS) of $4.02 in the third quarter, well above the estimated $3.37.&nbsp;</p>
<p>Nvidia reported financial results for the fiscal Q3 2024, beating the top and bottom lines estimates as the AI-driven demand for its high-end chips continues. Revenue skyrocketed 206% from a year earlier to $18.12 billion, while analysts were looking for $16.18 billion.&nbsp;</p>
<p>These numbers are remarkable, yet Nvidia’s stock failed to move higher. The decline was mainly attributed to doubts about sustained demand due to recent chip export restrictions, particularly in China, but also the fact that the stock shot up 240% in 2023, making it the best-performing S&amp;P 500 constituent.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you agree with Wall Street’s views that Nvidia stock still has much more to offer investors? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/wall-street-hikes-nvidia-price-target-after-better-than-expected-q3/">Wall Street Hikes Nvidia Price Target After Better Than Expected Q3</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Wall Street Hikes Nvidia Price Target After Better Than Expected Q3

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