How High Can Nvidia Stock Go?
Nvidia's (NASDAQ: NVDA) latest quarterly results proved that artificial intelligence (AI) is more than just hype. Robust demand for its chips, which help enable AI, suggests that companies are pouring huge amounts of money into this space and paving the way for the chipmaker's long-term growth.
Healthy AI-driven demand explains why Nvidia expects its revenue for the second quarter of fiscal 2024 to jump a whopping 64% year over year to $11 billion. That would be a massive improvement compared to the 13% year-over-year revenue decline Nvidia saw in fiscal Q1. It is also worth noting that Nvidia's revenue guidance for the current quarter is miles ahead of the $7.2 billion consensus estimate.
The company's outstanding guidance has led Wall Street analysts to substantially raise price targets on Nvidia stock. Let's take a closer look at the recent Nvidia price target action before determining the gains investors might expect from Nvidia in the long run.
Source Fool.com
