Nvidia (NASDAQ:NVDA) stock is in the news Thursday after the company’s shares got an increased price target from Piper Sandler analysts.
That updated coverage of NVDA stock has Piper Sandler’s analysts increasing its price target from $620 per share to $850 per share. That’s a potential 15% upside for the shares compared to their price closing price. It’s also a bullish price prediction next to the analysts’ consensus of $639.48.
The new price target comes alongside a reiterated “overweight” rating for NVDA stock. For comparison, the analysts’ consensus rating for Nvidia’s shares is moderate buy based on 39 opinions.
What’s Behind the New NVDA Stock Price Target?
Here’s what Piper Sandler analysts had to say about Nvidia in a note to clients obtained by CNBC.
“We continue to see positive momentum building around NVDA’s existing tailwinds of accelerated compute and generative AI.”
Investors will also keep in mind that this update on NVDA stock comes ahead of its earnings report. The company is set to release this earnings report after markets close on Feb. 21, 2024.
Other hot NVDA news worth checking out today includes the company investing in multiple companies. That includes Arm (NASDAQ:ARM), which it previously tried to buy for $40 billion.
NVDA stock is down slightly as of Thursday morning.
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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.
