Nvidia (NASDAQ:NVDA) stock is a hot topic on Monday as investors react to Cantor Fitzgerald increasing its price target for the semiconductor company’s shares.
Cantor Fitzgerald analysts increased their price target for NVDA stock from $900 per share to $1,200 per share. That represents a potential upside of 37.1% over the company’s prior closing price. It’s also bullish next to the analysts’ consensus price prediction of $829.66 per share.
Cantor Fitzgerald continues to maintain its “overweight” rating for NVDA stock alongside its new price target. For perspective, the analysts’ consensus rating for NVDA shares is moderdate buy based on 41 opinions.
What’s Behind the New NVDA Stock Price Target?
Cantor Fitzgerald analysts are excited about Nvidia’s upcoming GTC conference. This will be the company’s first live conference in five years and the news shared during it could act as a positive catalyst for NVDA stock.
The Nvidia GTC conference takes place from March 18 through March 21. The keynote presentation hosted by Nvidia CEO Jensen Huang is set for March 18 at 4:00 p.m. Eastern Time. Investors following NVDA shares will want to keep up with the event and monitor how it affects the stock.
NVDA stock is down slightly as of Monday morning with some 3.6 million shares traded. Its daily average trading volume is about 48.9 million units.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
