Nvidia (NASDAQ:NVDA) stock is in the news Wednesday after CFRA analyst Angelo Zino increased the firm’s price target for NVDA shares.
This has the CFRA analyst increasing the price target for NVDA stock from $1,000 per share to $1,100 per share. That’s a potential upside of 15.3% compared to its previous closing price. It’s also above the analysts’ consensus price prediction of $1,002.18 per share.
Zino continues to maintain a “buy” rating for NVDA stock alongside this price target increase. That matches the analysts’ consensus rating for NVDA shares based on 42 opinions.
Why to Watch NVDA Stock Today
Investors will note that this new price target for NVDA shares comes ahead of the company’s upcoming earnings report. Nvidia is set to release its earnings report for the first quarter of 2024 after markets close today.
Key data in that earnings report will be Nvidia’s EPS and revenue. Wall Street is estimating $5.59 per share and revenue of $24.65 billion. The report will also give investors insight into what NVDA expects for the rest of 2024. This could make it a major catalysts for the company’s shares later today and tomorrow.
NVDA stock is down 1.1% as of Wednesday morning. The stock is up 96.7% year-to-date.
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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.
