Nvidia (NASDAQ: NVDA) stock price reversed the majority of losses it had experienced at the end of fiscal 2019. Meanwhile, the market analysts are seeing the significant improvement in demand for the semiconductor industry in 2020. The demand is likely to be driven by gaming, A1, and data center businesses.
The shares bounced to $240 level, down slightly from an all-time high of $290 that it had hit last year. Its share price soared almost 75% in fiscal 2019. The company’s latest financial results are helping in adding to investor’s sentiments. It has topped third-quarter revenue and earnings estimates by a wide margin.
Analysts Raised Nvidia Stock Target
Wells Fargo increased the price target from $240 to $270 and names it the top stock for fiscal 2020. Its analyst Aaron Rakers expects improvement in investor’s sentiments next year amid the rebound in financial numbers.
The analyst says, “NVDA has the most significant investor sentiment upside and stands to benefit from next year’s re-acceleration in data center spending.”
Jefferies has provided a price target of $255 for Nvidia stock with a buy rating. The Analyst Mark Lipacis cites solid numbers for gaming business combined with strength in data center business. The company could also be the biggest beneficiary from AI adoption, Mark Lipacis says.
Morgan Stanley expects Nvidia shares to trade around $260 in the short-term. Morgan Stanley predicts a return to solid growth in 2020.
Financial Numbers are Showing Strength
The company topped third-quarter estimates and its financial numbers increased from the previous quarter. This is an indication of improving demand trends. It reported $3.08 billion in third-quarter revenue, up from $2.58 billion in the previous quarter.
“We extended our reach beyond the cloud, to the edge, where GPU-accelerated 5G, AI and IoT will revolutionize the world’s largest industries. We see strong data center growth ahead, driven by the rise of conversational AI and inference, said Jensen Huang, founder, and CEO of NVIDIA.”
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