Good Evening, Traders and investors fearing an NVIDIA NASDAQ: NVDA-led market correction can put those fears to rest. The company’s Q4 results reveal that the AI market is still strong, stronger than expected and accelerating. The results can be described as nothing but a blowout on top of four quarters of mind-bending results and improved guidance. The takeaway is that price action surged 15% on the news, broke out of a consolidation, and set a new high. The technical outlook alone suggests a move to $1000 is coming, and the analysts are on board.
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of NVIDIA.
Analysts were slow to issue the first revisions, but they are rolling in. The first are from JPMorgan Chase and Citigroup, which raised their price targets, extending the trend set in 2023. Several firms have set targets at or above the $1000 level since the first of the year, with the highest target, $1200, set by Loop Capital in mid-February. As it is, NVIDIA Is the 2nd-most upgraded stock over the last twelve months and will likely claim the #1 position soon. The price target increased by 220% since last year and will likely continue rising.
Click here to watch the latest Nvidia analysis.
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