NVIDIA Corporation (NASDAQ:NVDA) shares could still deliver more than 17.57 percent upside potential from the current levels. This is based on the revised price target of Bank of America at $ 650.00 on the stock. Incidentally, the brokerage raised its price objective by $ 50 from its earlier level of $ 600.00. However, Bank of America has retained its Buy rating on NVIDIA Corporation shares, Benzinga reported.
Shares of NVIDIA Corporation traded up $ 17.80 or 3.22 percent on Wednesday, reaching $ 570.64 with volume of 14.26 million shares. The stock opened positive for the day at $ 588.15, after closing the previous day trading at $ 552.84. According to the previous trading day, closing price of $ 552.84, representing a 231.82 % increase from the 52 week low of $ 166.61 and a 6.15 % decrease over the 52 week high of $ 589.07.
With respect to the key metrics, NVIDIA Corporation stock has advanced $ 223.57 or 64.00 percent, reaching $ 347.06 during the simple moving average (SMA) period of 200 days. Similarly, the stock has increased $ 114.89 or 25.00 percent, before arriving at $ 455.75 during the SMA50-day period.
NVIDIA Corporation recently reported second quarter financial results on August 19, 2020, after market close, the Santa Clara based company unfold income for the second quarter of $ 2.18 per share, from the revenue of $ 3,866.00 million. The quarterly earnings expanded 22.47 percent while revenues developed 28.27 percent compared with the same quarter last year. Street analysts expected NVIDIA Corporation to report income of $ 2.19 per share on revenue of $ 3996.19 million for the second quarter. The bottom line results missed street analysts by $ 0.01 or 0.46 percent, at the same time, top line results fell short of analysts by $ 130.19 million or 3.26 percent.
Moving ahead, the analysts surveyed by Thomson Reuters are predicting, NVIDIA Corporation to report 3Q21 income of $ 2.57 per share from revenue of $ 4407.63 million. For the full year, analysts anticipate top line of $ 15757.90 million, while looking forward to income of $ 9.06 per share bottom line.
Other analyst recommendations for NVIDIA Corporation Today
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- Maintained By Benchmark At Buy Rating, With $ 600.00 Target Price.
- Maintained By Credit Suisse Group At Outperform Rating, With $ 620.00 Target Price.
- Maintained By Mizuho At Buy Rating, With $ 575.00 Target Price.
NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for artificial intelligence (AI) utilizing deep learning, accelerated computing, and general purpose computing; GRID, which provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.
