Nvidia (NASDAQ:NVDA) Soars Higher on Recent UBS and Wolfe Research Upgrades

Money | July 9, 2024, 5:04 a.m.

Shares of chipmaker Nvidia saw a significant boost on Monday as UBS and Wolfe Research raised their price targets, citing strong demand for the upcoming Blackwell line. Analysts Timothy Arcuri and Chris Caso both increased their price targets to $150, with Arcuri predicting potential earnings of $5 per share in 2025. Caso foresees over 50% growth for Nvidia's GPUs in 2025, driven by increased units and networking features. Both analysts, known for their accurate predictions, have fuelled positive investor sentiment towards NVDA stock. Currently, 19.6% of portfolios tracked by TipRanks hold NVDA stock, with an average weighting of 13.48%. Recent data shows a 6.2% increase in positions over the last 30 days, indicating growing confidence in the company's future. With a Strong Buy consensus rating from Wall Street analysts, NVDA stock is expected to continue its upward trend with a 6.43% upside potential based on an average price target of $136.49 per share.