NVDA shares moved 5% higher Friday after the company once again trounced earnings expectations. Investors were getting a bit nervous with Nvidia stock hovering over $200 per share, but the analysts aren't backing down. In fact, they're feeling emboldened.
Raymond James analyst Chris Caso upped his price to $250, arguing that it's hard not to own Nvidia at this point. He has an outperform rating on the stock and argues that the company continues to find a way to surprise to the upside. The $250 price target matches the previous Street-high target and implies about 22% upside from Thursday's closing prices near $205.
A trio of analysts from Citi, Jefferies and RBC Capital upped their price target to $240, implying about 17% upside. Citi's Atif Malik says strong gaming should continue to drive Nvidia higher. It also helps that Nvidia continues to spread into more and more companies through various industries, ranging from datacenter, autos and the cloud, among others.
Canaccord analyst Matthew Ramsay upped his target to $225 from $190. While the company continues to execute on multiple secular growth fronts, it should find solid growth over the long term thanks to cryptocurrencies, he reasoned.
Deutsche Bank is somewhat reluctant when it comes to Nvidia stock, as analyst Ross Seymore increased his price target to $205 from $190. The company's "firing on all cylinders," he acknowledged, but its valuation is "full" at this point.
- Nvidia Share Price Could Bounce Sharply From Here: Market Recon
- Not Even a Terrifying Tax Plan Delay Could Destroy Hot Tech Stocks Like Nvidia
- One Chip Stock's Getting an Overlooked Boost From Cryptocurrency Mining
BMO is remaining a bit less stubborn, keeping its underperform rating but raising its price target to $135 from $90. The target implies about 35% downside from current levels as analyst Ambrish Srivastava says volatility in cryptocurrencies may cause a slowdown in demand. Earnings could "track lower" compared to prior years as well, he argued.
Romit Shah of Nomura has finally come around, though, upgrading Nvidia to neutral from underperform and boosting his price target to $190 from $110. While the target still calls for downside from current levels, Shah acknowledged Nvidia continues to do well. The Nintendo (NTDOY) Switch and cryptocurrencies continue to drive gaming revenue higher. They're waving the white flag on their bear call, though.
Other price-target hikes include JPMorgan to $207 from $145 and Loop Capital to $235 from $205. Earnings of $1.33 per share crushed consensus expectations by 26 cents per share, while year-over-year revenue grew 32% to $2.64 billion and also beat estimates. Like Intel (INTC - Get Report) -- and unlike Advanced Micro Devices (AMD - Get Report) -- investors are reacting favorably, pushing Nvidia stock higher by 4.2% to $214 in early trading.
If anything, the results have done a lot to silence the bears.
Here's a few things you probably don't know about Nvidia:
More of What's Trending on TheStreet: