Benefiting from the current boom in artificial intelligence, semiconductor company Nvidia (NASDAQ: NVDA) was arguably the hottest stock on Wall Street in 2023. Even more impressive, it's off to an explosive start in 2024 as well. Helped by a big move higher this week, when the company reported a 265% year-over-year growth in fiscal fourth-quarter revenue, shares are now up more than 55% year to date as of this writing.

But here's the crazy thing: In response to Nvidia's better-than-expected quarterly results, well over a dozen analysts have raised their 12-month price targets for the growth stock to levels well beyond where shares are trading now. Indeed, several analysts have raised their price targets for the stock to levels of $1,000 or higher.

Let's see what has some of the most bullish Nvidia analysts on Wall Street so upbeat.

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Source Fool.com