Nvidia shares soar to over $140+, tech analyst says ahead of Q3 results: ‘…will need to beat street expectations for trend to continue’
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The world’s largest market capitalization company, Nvidia Corp (NASDAQ:NVDA) will report September quarter results on Wednesday, November 20. The Street is eagerly awaiting the release of the company’s financials, as shares are up 191% this year but down 2.5% over the past few years. last month.
On a year-over-year basis (ending yesterday), Nvidia outperformed the Nasdaq 100 Index, which grew 24%, while the tech company underperformed the index last month, trailing the Nasdaq 100’s 0.87% growth.
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What happened: Although many analysts expect good results from the chipmaker, technical analyst and Chief Investment Officer at NeoTrader, Dr. C. K. Narayan says that “the trend is resolute in the Nvidia charts.” He expects the stock to trade above $140 per share if third-quarter financials beat street expectations.
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Nvidia, led by Jensen Huang has forecast third-quarter revenue of approximately $32.5 billion, driven by strong demand for its Hopper and Blackwell GPUs.
These GPUs are expected to strengthen Nvidia’s data center segment. The Blackwell units are in high demand, priced between $30,000 and $40,000, and production will increase in the fourth quarter of 2024.
Nvidia is completely limited in its supply of new products, which could limit the potential upside for the current quarter and the company’s prospects, said Joseph Moore, an analyst at Morgan Stanley. Morgan Stanley maintains Nvidia as its top pick with an ‘overweight’ rating, raising its price target from $150 to $160.
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According to a recent Benzinga report and data from Benzinga Pro, over the last twelve quarters, Nvidia has exceeded earnings per share (EPS) expectations ten times and missed revenue expectations only once.
On average, Nvidia shares rose 5.3% on the trading day after the earnings release.
The biggest single-day gain followed the Q1 2024 earnings results, when the stock rose 24.4%, while the worst reaction came after the Q4 2024 results, with a 7.6% decline .
Here’s a snapshot of the company’s recent earnings performance:
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This article Nvidia Shares Soar to Levels Above $140, Tech Analyst Says Ahead of Q3 Results: ‘…Will Have to Beat Street Expectations for Trend to Continue’ originally appeared on Benzinga.com
