https://tokenist.com/nvidia-up-2-premarket-after-hsbc-sets-780-price-target/
Nvidia's stock gained 2% in premarket trade after HSBC analysts, including Frank Lee, raised the price target from $600 to $780 and maintained a Buy rating. They cited the ongoing AI boom as a key driver, expecting strong AI server momentum to surpass projections and continue outpacing supply. This trend is anticipated to persist through 2025, benefiting from a clearer understanding of US Cloud Service Providers' capital expenditures.
The bullish outlook aligns with Nvidia's impressive 2023 growth, with its shares surging over 200% year-to-date. The success of AI solutions like ChatGPT has stimulated this growth and propelled Nvidia into the ranks of trillion-dollar companies, alongside Apple and Microsoft. Nvidia's upcoming fiscal Q2 2024 earnings report is highly anticipated after the company's optimistic guidance of $11 billion in revenue, a substantial leap from Wall Street's $7.15 billion estimate. The company's stock performance has solidified its position as the S&P 500's top performer this year.
Leave a Reply