Nvidia (NASDAQ: NVDA) is on fire on Thursday, November 20, following strong third-quarter numbers, including $57 billion in revenue.
The AI leader’s data center segment saw the most exceptional results yet again, generating $51.2 billion, ahead of the $49.3 billion analysts projected.
With the company projecting the figure to climb to $65 billion next quarter, NVDA shares are up more than 5% in pre-market at the time of writing, sitting at $195.92.
“Blackwell Ultra is now our leading architecture across all customer categories, while our prior Blackwell architecture saw continued strong demand,” the report said, adding that the revenue from Nvidia’s China-tailored H20 chip was “insignificant.”
The results arrive just weeks after Nvidia’s market capitalization briefly surpassed $5 trillion, underscoring the company’s dominance this cycle, which several Wall Street firms were quick to acknowledge and revise their NVDA stock price targets following the earnings call.
Jefferies lifted its price target on Nvidia to $250 from $240 on November 20, reaffirming its “Buy” rating on the chipmaker. The firm said its refreshed outlook follows the semiconductor titan’s staggering results, which should ease some of the worries regarding the sector’s spending.
On the same day, Baird raised its own price target to $275.00 from $225.00, maintaining an “Outperform” rating. The note unsurprisingly cited the steady demand for Blackwell chips, but it also mentioned execution as one of the key points next year.
Rosenblatt Securities slightly raised their Nvidia price target to $245 from $240 on November 20 as well, maintaining a “Buy” rating due to steady demand for AI computing solutions. Like Jefferies, the firm believes future guidance should take investors’ minds off the AI market bubble threats.
In the meantime, Goldman Sachs reiterated its own “Buy” rating with a price target of $250. Elaborating on the upgrade, the analysts primarily focused on the potential data center upside but also touched on Nvidia’s comments about extending the life of older GPUs.
With the new figures, the average Nvidia stock price target for the next 12 months sits at $243.09, as per the 39 ratings covered on the market analysis platform TipRanks. The number implies a 30.33% upside from the current price of $186.
The most bullish predictions are still at $350, while the most bearish ones see the stock dropping to $155 within the next year. With 37 “Buys,” one “Hold,” and one “Sell” rating, the Wall Street consensus on Nvidia is overwhelmingly positive.
