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What you need to know
- Nvidia will announce its much-anticipated earnings Wednesday after the closing bell.
- Analysts are overwhelmingly bullish on the chipmaker's stock, with multiple firms raising their price targets ahead of the report.
- Wall Street expects revenue to grow strongly, driven largely by data center revenues.
Analysts are overwhelmingly positive about the stock of Nvidia, the chipmaker.
Of the 23 analysts covering Nvidia tracked by Visible Alpha, 22 have a "buy" rating for the stock, with one "hold" rating. Their consensus price target of $170 would represent an over 17% premium over Wednesday's intraday price of $144.66.
In the days leading up to the report, several firms increased their price targets. Stifel analysts raised their target price earlier this week from $165 to $180. Mizuho’s price target was raised to $165 last week from $140.
Projections for Nvidia's results have also ticked higher, with analysts now expecting third-quarter revenue to grow 84% year-over-year to $33.29 billion, driven by record sales from Nvidia's data center segment.
Nvidia’s CEO Jensen Huang told investors that data center revenue reached a record of $26.3 billion during the second quarter. “global data centers are in full throttle to modernize the entire computing stack with accelerated computing and generative AI.”
Shares of Nvidia edged 1.6% lower in afternoon trading Wednesday, bringing Tuesday's rally to a halt. They've nearly tripled in value since the start of the year.
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