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Nvidia Shares: Wait for More Appreciation

nvidia shares

Nvidia (NASDAQ: NVDA) shares rebounded strongly in the past few months after a big selloff at the beginning of fiscal 2019. The stock price bounced more than 50% year to date; the shares are currently trading close to the highest level of this year.

Market analysts have lifted their share price targets amid improving market conditions for the semiconductor industry. Investors believe NVDA is well set to re-accelerate financial growth from existing markets while expanding into new markets.

The new markets include 5G, edge computing, and advanced auto. Its latest financial results indicated the resumption of growth following a small period of depressed demand.

NVDA NVIDIA Corporation daily Stock Chart

Nvidia Shares Can extend the Run into New Year

Some investors are seeing the acceleration in NVDA share price as a selling opportunity. They claim it is the best time to capitalize on gains that it had generated throughout 2019. Nevertheless, market analysts are presenting a different opinion. They have increased the price targets amid the potential growth in demand.

Bank of America raised the price target to $270 with a Buy rating. The bank says, “NVDA’s solid Q3 results and notes that the downside sales outlook was likely due to gaming seasonality. The data center sales are re-accelerating and gross margins continue to expand.”

On the other hand, Morgan Stanley lifted the price target to $260 from the previous target of $220. The firm expects solid growth for the gaming and data center businesses.

Financial Numbers Are Showing Improvement

The company has generated robust growth in Q3 compared to the previous quarter. Its third-quarter revenue of $3 billion grew sharply from revenue of $2.6 billion in the past quarter.

The revenue increase is driven by growth in Gaming, Professional Visualization and Data Center business segments. Although it has lowered the guidance for the fourth quarter, the company expects to generate strong growth in the next fiscal year. This is because of its penetration in the cloud, 5G, AI and IoT businesses.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.