Despite Nvidia’s (NASDAQ:NVDA) staggering year-to-date rally of 73.7%, three Top Wall Street analysts maintained a Buy rating on NVDA stock yesterday, with their price targets indicating at least 20% upside. Given Nvidia’s dominant position in the graphics processing unit (GPU) market, which is a key component for various sectors like gaming and artificial intelligence, analysts remain optimistic about the company’s growth potential.
It is worth highlighting that TipRanks ranks the Top analysts according to industry, timeline, and benchmarks. The ranking reflects an analyst’s ability to deliver higher returns through recommendations. For more ideas on Top expert picks, investors can visit the TipRanks Expert Center and make informed investment decisions.
Analysts Weigh In
Among the bullish analysts, Matthew Prisco from Evercore ISI believes that Nvidia’s dominant position in the chip market could lead to strong returns for investors. Prisco assigned a price target of $1,160, which suggests about 35% upside potential from the current level.
Furthermore, a five-star analyst from Citi, Atif Malik, believes that supply chain improvements could continue to result in higher demand for Nvidia’s GPUs into the first half of 2025. Additionally, Malik contends that a 7% pullback in Nvidia’s stock price from its recent highs has created a buying opportunity.
Malik’s price target of $1,030 indicates a 20% upside potential from the current level.
Is Nvidia a Buy, Sell, or Hold?
Overall, analysts are optimistic about Nvidia. On TipRanks, it has a Strong Buy consensus rating based on 39 Buys and two Holds. The analysts’ average price target on NVDA stock of $989.53 implies a 15.1% upside potential.
