1 Wall Street Analyst Thinks Nvidia Stock Is Going to $160. Is It a Buy?
Investors are highly anticipating Nvidia's (NASDAQ: NVDA) quarterly earnings report on Aug. 28. After recently sinking below $100 per share, Nvidia stock has surged by about 30% in just two weeks.
But one Wall Street analyst thinks there's more gains to come. In a new research report released Monday, Melius Research analyst Ben Reitzes said he thinks there's still time for investors to buy Nvidia stock, which he thinks will reach $160 per share. That would imply another 23% upside for shares of the advanced semiconductor company.
Spending to expand the use of artificial intelligence (AI) by both large and small tech companies has exploded. And Nvidia has been the biggest beneficiary to date. Management itself expects to report revenue of about $28 billion in its upcoming earnings report. That would be more than double the $13.5 billion the company reported in the prior-year period.
Source Fool.com
