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Nvidia (NASDAQ:NVDA) stock is a hot topic among traders on Wednesday after Goldman Sachs increased its price target for the graphics card company’s shares.
This saw the Goldman Sachs analysts increase their price target for NVDA from $1,000 per share to $1,100 per share. That’s a potential upside of 21.2% compared to its prior closing price. It’s also above the analysts’ consensus price prediction of $944.05 per share.
Investors will also note that Goldman Sachs maintained its “buy” rating for Nvidia shares in this update. For comparison, the analysts’ consensus rating for NVDA stock is moderate buy based on 42 opinions.
What’s Behind the Higher NVDA Stock Price Prediction?
Here’s what the Goldman Sachs analysts had to say about Nvidia in its latest note to clinets obtained by Investing.com.
“Despite NVDA’s YTD outperformance, we see positive EPS reviews driving another leg up in the stock, especially with NVDA trading at 35x or only a 36% premium to our coverage universe vs. its past 3-year median premium of 160%.”
NVDA stock is down close to 1% as of Wednesday morning despite the Goldman Sachs price target increase. That comes with some 17 million shares traded, which is below its daily average of around 53 million shares.
Investors who want even more of the most recent stock market stories are going to want to stick around!
We have all of the hottest stock market news that traders need to know about on Wednesday! Among that is what you have shares of PowerSchool (NYSE:PWSC), Luminar (NASDAQ:LAZR) and Energy Fuels (NYSEMKT:UUUU) stock moving today. All of this info is available at the links below!
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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.
Article printed from InvestorPlace Media, https://investorplace.com/2024/05/goldman-sachs-just-raised-its-price-target-on-nvidia-nvda-stock/.
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