More Records for Nvidia Stock After Blowout Earnings

No fewer than 25 analysts hiked their price targets

Digital Content Manager
Aug 24, 2023 at 10:33 AM
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Nvidia Corp (NASDAQ:NVDA) is up 3.2% at $486.22 at last check, after the chip name reported record-breaking second-quarter earnings of $2.70 per share, and a revenue beat of $13.51 billion. Strong demand for semiconductors amid artificial intelligence (AI) growth also led the company to hike its fiscal third-quarter revenue outlook and announce a $25 billion share buyback program.

No fewer than 25 analysts lifted NVDA's price target in response, including Rosenblatt to a Wall Street high of $1,100 from $800, and HSBC to $800 from $780. The brokerage bunch is staunchly optimistic, with 31 of the 34 firms in coverage sporting a "buy" or better, while the 12-month consensus target price of $609.90 is a 26.1% premium to current levels. 

Options volume is already running at four times the intraday average, with 480,000 calls and 346,000 puts exchanged so far today. Most popular is the weekly 8/25 500-strike call, where new positions are being opened.

The equity earlier hit another all-time high of $502.66, with long-term support stemming from its 80-day moving average. Year-to-date, Nvidia stock has amassed a 230.4% lead.

 

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