Goldman Sachs Issues Shocking Nvidia Price Target

Shares of Nvidia (NASDAQ: NVDA) are on fire.

The stock is up 45% since January 1st…

Adding to last year’s staggering 239% surge.

BTW – have you ever seen a more beautiful chart? ^^^

Wall Street analysts have been pumping up the stock ahead of earnings.

Here’s the latest…

Today the bank issued Nvidia an Overweight rating (also known as a BUY).

“We continue to see a very strong near-term picture… AI demand continues to surge.”

On Monday Goldman maintained a Buy rating on Nvidia.

The price target jumps from $625 to $800 per share.

“Forward-looking commentary on Gen AI related capital spending was consistently positive across all major U.S.-based hyperscalers.”

Last week Bank of America increased its target by $100 to $800 per share.

Analysts name the stock a “top pick” due to an attractive valuation. And they expect Nvidia will beat sales estimates by $500 million – $1 billion.

Here’s what all this means…

The analysts at the big Wall Street banks are upping their price targets ahead of earnings.

Many tech stocks have already reported earnings – including Alphabet, Amazon, Apple, Meta Platforms and Microsoft.

These companies report massive growth thanks to AI.

These new AI tools and services require cloud computing. That benefits Alphabet, Amazon, and Microsoft.

Yet all these companies must buy chips from Nvidia.

Spending on cloud computing is expected to grow 26% this year, according to a report from Morgan Stanley.

2024 is the year AI goes from hype to reality.

It’s being embraced by companies in Fortune 500. And even small businesses around the world.

All roads point to Nvidia continuing to be a big winner.

Yet it’s also hard for me to be an aggressive buyer after the recent move.

You’ll recall that I recommended the stock in late December – and I’m sitting on 43% gains.

The market is pricing in another perfect quarterly financial report.

Right now, I’m waiting to see Nvidia’s Feb. 21 earnings report.

I’ve already made a huge gain in Nvidia. So, what are the next AI stocks to Buy Now?

Click here to get my Top 5 AI Stocks for 2024 (names, tickers).

Ian

P.S. Do you own Nvidia? Let me know if you’d buy the stock at its current price of $700. Just reply to let me know.