Nvidia (NASDAQ: NVDA) is back in the spotlight ahead of its third-quarter earnings report scheduled for November 19. This comes as Wall Street updates its Nvidia stock price targets and raises the 12-month NVDA price forecast across multiple firms.
NVDA stock closed 3.58% in the red on Thursday, November 13, affected by a broader tech pullback and still recovering from the hit it took when SoftBank disclosed the sale of its entire Nvidia stake for $5.8 billion earlier this week.
Still, NVDA shares remain up 35% year-to-date, and analysts argue the recent correction may offer a more attractive entry point ahead of earnings. At the time of writing, Friday, November 14, Nvidia stock was changing hands at $186.83.
The overall outlook indeed appears bullish, as several Wall Street analysts have reaffirmed their optimism for the chipmaker. These updates represent the most recent cluster of upward Nvidia price target revisions before earnings.
Morgan Stanley’s Joseph Moore lifted his price target from $210 to $220 on Friday, November 14, reiterating his “Buy” rating and projecting that Nvidia is set to deliver the strongest result this year. Moore pointed to the growing demand for Nvidia’s Blackwell platform, which is now gearing up for full production.
Moreover, the analyst referenced recent comments from CEO Jensen Huang suggesting that estimates for the next five quarters might need to rise by roughly $70-$80 billion.
Aaron Rakers over at Wells Fargo raised his projected price from $220 to $265 on November 14 as well while reaffirming an “Overweight” and predicting the company will see $50-$60 billion in revenue.
Rakers’s figure matches that of Oppenheimer’s Rick Schafer, who maintained an “Outperform” rating a day earlier, hoping for $54.7 billion in sales and $1.25 earnings per share. The financial firm cited strong demand for Nvidia’s new GB300 Ultra chips and noted that cloud service providers and hyperscalers continue to increase capital expenditure.
Overall, NVDA has a “Strong Buy” consensus rating and an average price target of $240 for the next twelve months, based on a total of 39 ratings on the market analysis platform TipRanks.
The projected average figure implies a 28.44% upside potential, while the most bullish forecast of $350 suggests it could go up more than 90%.
