NVIDIA Corp (NASDAQ:NVDA) shares are volatile Tuesday. Given the stock’s significant move higher year-to-date, all eyes are on the company’s first-quarter results, due Wednesday. Several analysts have raised price targets ahead of the print.
What To Know: Nvidia is set to report first-quarter financial results after the close Wednesday. The company is expected to report earnings of 92 cents per share on quarterly revenue of $6.52 billion, per Benzinga Pro.
With the stock up more than 110% since the start of the year, a strong earnings report is crucial for a continued move higher. Nvidia shares have largely rallied alongside an acceleration in artificial intelligence development. The company’s H100 GPUs power large language models (LLMs) like ChatGPT. Nvidia recently said that its newest innovations speed up LLMs by 30X over the previous generation.
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Analysts appear to be turning more positive on the AI-focused company days ahead of the report. Stifel analyst Ruben Roy maintained Nvidia with a Hold rating and raised the price target from $225 to $300 Tuesday morning.
On Monday, Keybanc analyst John Vinh maintained Nvidia with an Overweight rating and raised the price target from $320 to $375 and Wedbush analyst Matt Bryson maintained a Neutral rating and raised the price target from $216 to $290.
It’s generally a good sign when analysts revise price targets higher ahead of a company’s quarterly results. In the company’s most recent quarter, Nvidia beat expectations on both the top and bottom line. In the first-quarter of 2022, Nvidia also turned in better-than-expected results.
NVDA Price Action: Nvidia shares were down 0.16% at $311.25 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Nvidia.
