Nvidia stock (NASDAQ:NVDA) has skyrocketed in value in 2023, becoming a member of the trillion-dollar club. As a result, Evercore ISI analyst, C.J. Muse, admits the stock could be in for some consolidation shortly but is nonetheless optimistic about the potential that lies ahead. The analyst expresses that there’s ample scope for growth and wouldn’t be astonished to see Nvidia standing tall as the most valuable company in the coming years as AI continues to expand and necessitate an increase in server speeds. Consequently, the analyst has amplified the price target on Nvidia from $500 to $550, identifying it as a top pick with an outperform rating. Muse believes that we are only beginning to scratch the surface of the vast potential of AI. Further, he notes that Nvidia is not complacent and is continuously evolving. Other analysts also share this buoyant outlook.
Indeed, Jefferies analyst Mark Lipacis praised Nvidia’s comprehensive ecosystem, reiterating its position as a front-runner in the nascent stages of AI. Lipacis has accordingly increased his price target from $472 to $500, retaining a buy rating. Echoing this sentiment, Bernstein analyst, Stacy Rasgon, asserted that Nvidia remains the prime choice in AI and commended the company’s robust data center forecast. He maintains an outperform rating with a price target of $475 on Nvidia shares.
Overall, analysts have a Strong Buy consensus rating on NVDA stock based on 32 Buys, four Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $451.48 per share implies less than 5% upside potential.
