Shares of Nvidia (NASDAQ: NVDA) have already clocked handsome gains of 81% in 2024 thanks to the stellar quarterly results the company delivered earlier this year, which cemented its position as the pioneer in the market for artificial intelligence (AI) chips.

Analysts and investors now eagerly wait for May 22, when the company will release its fiscal 2025 first-quarter results (for the three months ending April 28, 2024). There is good news for Nvidia investors heading into the next earnings report as Goldman Sachs increased its price target on the stock to $1,100 from $1,000, implying a 22% upside from current levels.

Analyst Toshiya Hari predicts that Nvidia's earnings estimates are likely to be revised higher thanks to recent AI-related developments that point toward robust demand for the company's chips. The Goldman analyst points out that positive results from chipmakers churning out AI chips, higher spending by the likes of Amazon and Meta Platforms on building AI infrastructure, and the strong demand for AI servers are some of the reasons why Nvidia is set for more upside.

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Source Fool.com