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Mizuho analysts raised their price target for Nvidia ahead of earnings results due on November 20.
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The company expects Nvidia to maintain its dominant market share in chips used in data centers for AI training.
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On average, analysts expect Nvidia to report 82% year-over-year revenue growth.
Nvidia (NVDAShares rose on Tuesday after analysts at Mizuho raised their price target for the company’s shares ahead of third-quarter results due next week.
According to Visible Alpha, the company raised its target from $140 to $165, slightly above the analyst consensus of almost $160. Nvidia shares recently rose nearly 2% to around $148, not far from recent record highs.
“We see it [Nvidia] continue to be the leader in AI training and inference chips for data center applications,” the analysts wrote, estimating that the company has a dominant market share of nearly 95% in the space.
Nvidia’s third-quarter earnings, due Nov. 20, will be the company’s first as a member of the Dow Jones Industrial Average, behind it and paint maker Sherwin Williams (SHW) joined the blue chip index last week.
According to analyst consensus, Nvidia reports revenue of $33.07 billion, up 82% year over year. Shares of the world’s most valuable company will nearly triple by 2024, driven by demand for the company’s AI chips, including next-generation Blackwell graphics processing units.
