Nvidia (NASDAQ:NVDA) stock continues to be a hot topic among traders on Thursday as the graphics card company’s shares get a price target increase from Wedbush analysts.
The Wedbush analysts increased their price target for NVDA stock from $850 per share to $1,000 per share this morning. That’s a potential 10% upside compared to the stock’s prior closing price. It’s also above the analysts’ consensus price target of $829.66 per share.
Wedbush analysts continue to maintain an “outperform” rating for NVDA stock. For perspective, the analysts’ consensus rating for NVDA shares is moderate buy based on 41 opinions.
What’s Behind the NVDA Stock Price Target Boost?
The Wedbush analysts believe that Nvidia is preparing for a positive catalyst with its GPU Technology Conference (GTC) scheduled for next week. Many investors and experts are excited about what the company will announce during the event.
That conference starts on March 18 and will include a keynote from NVDA CEO Jensen Huang. The focus of this presentation is “AI advances that are shaping our future.”
NVDA stock is down 2.8% as of Thursday morning with some 20.1 million shares traded. Its daily average trading volume is roughly 50.2 million shares.
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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.
