Nvidia is expected to report its second-quarter earnings of $1.02 per share, which represents year-over-year growth of over 50% from $2.18 per share seen in the same period a year ago.
The company, which designs, graphics processing units for the gaming and professional markets and system on a chip unit for the mobile computing and automotive market, would post year-over-year revenue growth of over 60% to $6.3 billion. The company has delivered an earnings surprise in each of the last four consecutive quarters.
Nvidia shares have gained over 54% so far this year. The stocks ended 1.42% higher at $201.88 on Friday. But next week’s better-than-expected results could help the stock hit new all-time highs.
For Q1 2022, Nvidia posted stellar revenue growth, with revenue rising to $5.66 billion from$3.08 billion in Q1 2021, which helped drive the company’s net income to $1.91 billion from $917 million over this period. The strong jump in earnings came due to a combination of shrewd expense control and a slightly lower effective tax rate,” noted analysts at Trefis.
Nvidia Stock Price Forecast:
Twenty-nine analysts who offered stock ratings for Nvidia in the last three months forecast the average price in 12 months of $209.42 with a high forecast of $250.00 and a low forecast of $150.00.
The average price target represents a 3.73% change from the last price of $201.88. From those 29 analysts, 28 rated “Buy”, one rated “Hold” while none rated “Sell”, according to Tipranks.
UBS raised the price target to $230 from $184. BofA lifted the price objective to $250 from $225. JPMorgan increased the price target to $215 from $176. Several other analysts have also updated their stock outlook. Wells Fargo raised the price target to $245 from $219.
Nvidia Long (Buy)
Enter at: 211.58