Good Entry Point To Buy Into Nvidia Stock, Says Analyst Ahead Of Q2 Results: 'We See Numbers Are Going Up'
Portfolio Pulse from Shanthi Rexaline
Morgan Stanley analyst Joseph Moore maintains an Overweight rating and a $500 price target for Nvidia Corp. (NASDAQ:NVDA), stating that the recent sell-off in Nvidia stock presents a good entry point. Despite supply constraints, Moore expects a meaningful beat-and-raise quarter from Nvidia. He also anticipates a massive shift in spending towards AI and a supply-demand imbalance that should persist for several quarters. Nvidia is scheduled to report its Q2 results on Aug. 23.
August 14, 2023 | 12:17 pm
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Morgan Stanley analyst maintains an Overweight rating for Nvidia, expecting a beat-and-raise Q2. The recent sell-off is seen as a good entry point for investors.
The analyst's positive outlook on Nvidia, including the expectation of a beat-and-raise Q2 and a shift in spending towards AI, is likely to boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100