Shares of Nvidia (NASDAQ:NVDA) jumped today, which can be attributed to an analyst upgrade. Frank Lee of HSBC changed his rating from Sell to Buy while assigning a price target of $355 per share. For reference, his previous price target was $175.
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Lee pointed to the company’s pricing power in A.I. chips as a catalyst that will significantly boost earnings. As a result, he increased his estimates for Fiscal Years 2024 and 2025, as he now expects earnings per share of $5.11 and $7.10, respectively.
Overall, Wall Street analysts have a Strong Buy consensus rating on NVDA stock based on 29 Buys, seven Holds, and one Sell assigned in the past three months. However, its average price target of $287.03 per share implies that analysts think the stock may be fully valued at the moment.
