Wells Fargo Analyst Raises Nvidia Price Target by 24.4% to $840

Wells Fargo's Aaron Rakers raised their price target on Nvidia (NASDAQ: NVDA) by 24.4% from $675 to $840 on 2024/02/16. The analyst maintained their Strong Buy rating on the stock.

Rakers' optimistic outlook on Nvidia comes ahead of the company's Q4 and FY 2023 earnings report, scheduled for February 21st. The analyst foresees robust data center revenue and anticipates a positive stance from management regarding demand strength and supply improvements extending into 2024 and 2025.

In addition to Rakers' updated price target, other analysts also revised their ratings for Nvidia on February 16, 2024. Wedbush's Matt Bryson raised their price target by 33.3%, from $600 to $800, while maintaining a Buy rating on the stock. Similarly, Oppenheimer's Rick Schafer increased their price target by 30.8%, from $650 to $850, and upheld a Buy rating on Nvidia.

The majority of top-rated analysts currently view Nvidia favorably, with 93.9% rating it as a Strong Buy or Buy. Only 6.1% of analysts recommend holding the stock, with none advising selling.

Looking ahead, analysts forecast Nvidia to achieve earnings per share (EPS) of $4.18 in the upcoming year. If this prediction holds true, the company's next yearly EPS would experience a 45.4% decline year-over-year.

Nvidia's stock performance has been impressive, surging 230% year-over-year, significantly outperforming the S&P 500, which rose by 22.4% during the same period.

Wells Fargo analyst Aaron Rakers, who is highly regarded by WallStreetZen, ranks in the top 1% of Wall Street analysts out of 4,474, boasting an average return of 34.9% and an impressive win rate of 73.3%. Rakers specializes in the Technology and Consumer Cyclical sectors, providing valuable insights for investors navigating these industries.

Nvidia Corporation, known for its graphics and computing solutions, operates both domestically and internationally. The company's diverse product offerings cater to various markets, including gaming, data centers, automotive, and more, solidifying its position as a key player in the tech industry.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.