NVIDIA (NASDAQ: NVDA) stock surged to the highest level in the last seventeen months due to the trader’s optimism over future fundamentals. The market pundits have also been showing confidence in future prospects. They are providing higher price targets for the NVDA share price. Some analysts are anticipating NVDA shares to cross $300 mark for the first time in history.
NVIDIA stock price is currently trading around the 52-weeks high of $260. NVDA share price grew almost 70 per cent in the last twelve months; most of the price appreciation was experienced in the last six months. The investors are also anticipating substantial growth in financial numbers on the back of the strength in gaming and data center business.
Analysts Expect NVIDIA Stock to Hit $300 Mark
RBC stands among the bulls as the firm expects a significant upside in the coming days. RBC provided a price target of $301 for NVDA shares with an outperform rating. Its analyst Mitch Steves says NVDA share price is well set to accelerate momentum throughout fiscal 2020 due to strong financial numbers from data center and gaming.
UBS sets a price target of $300 with a Buy rating. Its analyst Timothy Arcuri believes the company is likely to beat earnings estimates. Arcuri said, “Improved earnings growth is likely to be driven by new 7nm products in data center and gaming. The gaming products could re-establish the price/performance gap with AMD.”
Piper Sandler is showing confidence in improving prospects for the entire industry. Its analyst Harsh Kumar claims the declining inventory levels across the industry could allow the industry to grow at 12 per cent this year.
NVIDIA Could Easily Beat Estimates
The market analysts are expecting NVIDIA to top revenue and earnings estimates for the final quarter of 2019. This is because they believe the consensus estimate is quite conservative. The earnings and revenue consensus estimate stands around $1.67 per share and $2.98bn, respectively. The company had previously easily topped estimates for the third quarter of 2019.