Goldman Sachs Expects Nvidia To 'Sustain Competitive Lead,' Raises Price Forecast To $1,200 Following Stellar Q1 Earnings
Portfolio Pulse from Piero Cingari
Goldman Sachs has raised its 1-year price target for Nvidia Corp. (NASDAQ:NVDA) from $1,100 to $1,200 following strong Q1 earnings. Nvidia's Data Center revenue surged 427% year-over-year, driving the bullish outlook. Nvidia's revenue reached $26 billion last quarter, with optimistic guidance for the current quarter. Shares of Nvidia rose over 7% in premarket trading, and the VanEck Semiconductor ETF (NASDAQ:SMH) was up 3.3%.
May 23, 2024 | 1:04 pm
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Goldman Sachs has increased its price target for Nvidia to $1,200, citing strong Q1 earnings and significant growth in Data Center revenue. Nvidia's shares rose over 7% in premarket trading.
Goldman Sachs' increased price target and positive outlook on Nvidia's growth, especially in Data Center revenue, are likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
The VanEck Semiconductor ETF (SMH) rose 3.3% in premarket trading following Nvidia's strong Q1 earnings and Goldman Sachs' increased price target for Nvidia.
Nvidia's strong performance and positive outlook have a positive spillover effect on the semiconductor sector, benefiting ETFs like SMH that have significant exposure to Nvidia.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50