Bank of America’s Vivek Arya, a top-rated analyst, anticipates modest but significant beats in Nvidia’s Q4 2023 earnings and its Q1 2024 forecast, despite the earnings report being several weeks away. Arya predicts that Nvidia will report $500 million to $1 billion more in quarterly sales than the $20 billion Wall Street consensus, stating that this smaller beat creates opportunities for Nvidia to continue exceeding expectations in the future.
Arya remains confident in Nvidia’s performance and reaffirms his Buy rating on NVDA stock, with an increased price target of $800 per share, indicating a potential upside of around 21% from current levels. The optimism stems from the strong demand for Nvidia’s AI-focused chips, with companies like Alphabet, Meta, and Microsoft integrating AI into their products and services. Arya also highlights Nvidia’s stock selling at just 25 times the profit it will earn next year, despite its substantial profit growth, making it an attractive investment opportunity.
The stock has a Strong Buy consensus rating, with 34 Buy ratings and 4 Holds from recent analyst reviews. (See NVDA stock forecast)
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