Nvidia Corp. (NASDAQ:NVDA) reported better-than-expected results for its third quarter and issued strong revenue guidance for the fourth quarter on Tuesday.
Nvidia reported third-quarter earnings of $4.02 per share, compared to the $3.36-per-share consensus estimate. Revenue increased 206% year-over-year and 34% sequentially to $18.12 billion, exceeding the Street forecast of $16.12 billion, according to data from Benzinga Pro.
Nvidia guided to fourth-quarter revenue of $20 billion, plus or minus 2%. Analysts, on average, expected revenue of $16.38 billion and earnings per share of $3.45.
Nvidia shares fell 3% to trade at $484.36 on Wednesday.
These analysts made changes to their price targets on Nvidia following earnings announcement.
- Morgan Stanley increased the price target on Nvidia from $600 to $603. Morgan Stanley analyst Joseph Moore maintained an Overweight rating.
- Wells Fargo raised the price target on Nvidia from $600 to $675. Wells Fargo analyst Aaron Rakers maintained an Overweight rating.
- BMO Capital increased the price target on Nvidia from $600 to $650. BMO Capital analyst Ambrish Srivastava maintained an Outperform rating.
- Mizuho increased the price target on Nvidia from $590 to $625. Mizuho analyst Vijay Rakesh maintained a Buy rating.
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