Nvidia Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Lisa Levin
Nvidia Corp. (NASDAQ:NVDA) reported Q3 earnings of $4.02 per share, surpassing the $3.36 consensus estimate, with revenue up 206% YoY to $18.12 billion, beating the $16.12 billion forecast. Q4 revenue guidance is set at $20 billion, above the $16.38 billion analysts expected. Despite the positive report, Nvidia shares dropped 3% to $484.36. Analysts from Morgan Stanley, Wells Fargo, BMO Capital, and Mizuho raised their price targets on Nvidia, maintaining positive ratings.
November 22, 2023 | 4:49 pm
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Nvidia exceeded Q3 earnings and revenue estimates and provided strong Q4 guidance, yet shares fell 3%. Analysts raised price targets, reflecting confidence in the company's performance.
Nvidia's strong earnings report and raised guidance suggest a positive outlook, which typically would lead to a stock price increase. However, the stock fell by 3%, indicating that other market factors or perhaps a sell-the-news reaction may be influencing the price. The raised price targets by analysts could indicate a belief in long-term growth, potentially offsetting the short-term drop.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100