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Mizuho analysts raised their price target for Nvidia ahead of earnings due out Nov. 20.
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The firm expects Nvidia to maintain its dominant market share in chips used in data centers for AI training.
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Analysts on average project Nvidia to report revenue growth of 82% year-over-year.
Nvidia (NVDA) shares rose Tuesday after analysts at Mizuho raised their price target for the company’s stock ahead of its third-quarter results due next week.
The firm upped its target from $140 to $165, slightly above the analysts consensus near $160, according to Visible Alpha. Shares of Nvidia were recently up nearly 2% to about $148, not far off recent record highs.
“We see [Nvidia] remaining the leader in the AI training and inference chips for data center applications,” the analysts wrote, estimating that the company holds a dominant market share of nearly 95% in the space.
Nvidia’s third-quarter earnings, expected Nov. 20, will be the company’s first as a member of the Dow Jones Industrial Average after it and paint maker Sherwin Williams (SHW) joined the blue-chip index last week.
The analyst consensus has Nvidia reporting revenue of $33.07 billion, up 82% year-over-year. The world’s most valuable company’s stock has nearly tripled in 2024 driven by demand for the company’s family of AI chips—including its next generation Blackwell graphics processing units.
