Can Nvidia Join Apple, Microsoft In $2-Trillion Club Today? Here's How Much The Stock Needs To Gain To Hit The Mark
Portfolio Pulse from Shanthi Rexaline
Nvidia Corp. (NASDAQ:NVDA) shares surged in premarket trading following a stellar quarterly performance, sparking speculation it could reach a $2 trillion market cap. The rally is attributed to Nvidia's leadership in AI technology. KeyBanc Capital Markets raised Nvidia's price target from $740 to $1,100, indicating a 63% upside potential. The company's first-quarter revenue guidance of $24 billion exceeded expectations, driven by strong Data Center revenue and demand for the H100 platform and InfiniBand. Analyst John Vinh remains optimistic about Nvidia's growth, particularly in the Data Center and Pro Viz segments.
February 22, 2024 | 10:59 am
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POSITIVE IMPACT
Nvidia's stellar quarterly performance and raised price target by KeyBanc suggest strong short-term growth potential, with the company on track to potentially join the $2 trillion market cap club.
Nvidia's impressive quarterly performance and the subsequent price target increase by KeyBanc highlight the company's strong position in the AI and Data Center markets. The optimistic revenue guidance and the potential to reach a $2 trillion market cap significantly contribute to the positive outlook for NVDA's stock in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100