Nvidia Stock-Price Target Raised at BMO Before Earnings

Nvidia shares have 14% upside to BMO's new price target, as the firm affirmed an outperform rating on the graphics-chip specialist.
Author:
Publish date:

The analyst community is bullish on Nvidia  (NVDA) - Get Report ahead of its earnings release on Wednesday, with BMO Capital maintaining its outperform rating while raising its price target to $565 from $425. 

The firm's new target represents 14% potential upside from the stock's Monday closing price of $493.48. 

"Given the continued run in shares, expectations are high. However, we expect the company to deliver on earnings and expectations," BMO analyst Ambrish Srivastava said. 

Nvidia shares at last check were off 0.8% to $489.50, having set a record intraday high just under $500. The Santa Clara, Calif., graphics-chip specialist's stock yesterday had set the previous intraday record at $496.39. 

Wall Street is expecting the company to report adjusted earnings of $1.97 a share on  revenue of $3.65 billion, according to a survey of analysts by FactSet. BMO expects adjusted earnings of $1.93 a share on a revenue estimate similar to the consensus. 

The firm expects the company's gaming segment, which accounts for 43% of its revenue, to rise 5% sequentially and 7% from a year earlier. 

Analysts were also bullish on the company in a slew of notes that raised price targets for the company. 

Wells Fargo raised its price target to $510 from $430 while affirming its overweight rating on the stock. 

Oppenheimer maintained its outperform rating while raising its price target to $500 from $400.

Susquehanna continued a positive rating while raising its price target to $540 from $450. 

Wedbush affirmed an outperform rating while raising its price target to $500 from $420. 

And Credit Suisse maintained an outperform rating and left its price target at $425.