Nvidia (NASDAQ: NVDA) stock currently trades about 8.7% below its 52-week high of $974, but Wedbush analysts believe it could hit new highs sooner than later.

Wedbush Securities raised its price target from $850 to $1,000, representing a 12% upside from the current share price of $890. Analysts at the firm anticipate positive news from Nvidia at next week's Global Technology Conference (GTC) will boost the stock.

Nvidia usually reveals important news about partnerships and demand trends in the data center market that could be beneficial to the business. Of course, the question is how much growth is already factored into the stock price after surging 590% over the last three years.

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Source Fool.com