Shares of Nvidia (NASDAQ: NVDA) look set to end 2022 on a high -- the stock is up 20% in the past month, and the company's latest results seem to give Wall Street hope that its fortunes could turn around in 2023.

However, investors shouldn't miss the fact that Nvidia stock is rising despite reporting terrible results for the third quarter of fiscal 2023 (for the three months ended Oct. 30) which revealed a big drop in revenue and earnings. The guidance for the current quarter isn't great either, as Nvidia's revenue forecast of $6 billion points toward a 21% year-over-year drop. The company's earnings could drop 38% over the prior-year period to $0.81 per share.

However, analysts believe that Nvidia's growth could accelerate in fiscal 2024, which begins in February of 2023. They anticipate a 9% growth in the company's revenue and a 33% spike in earnings per share. What's more, Nvidia stock carries a median price target of $200 for the next 12 months, which would translate into a 26% upside from current levels.

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Source Fool.com