Nvidia Shares To Climb Over $140+ Levels, Says Technical Analyst Ahead Of Q3 Results: ‘…Will Have To Beat Street Expectations For The Trend To Continue’
Nvidia Shares To Climb Over $140+ Levels, Says Technical Analyst Ahead Of Q3 Results: ‘…Will Have To Beat Street Expectations For The Trend To Continue’
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
The world’s largest market capitalization company, Nvidia Corp (NASDAQ:NVDA), will report its September quarter earnings on Wednesday, Nov. 20. The street is keenly waiting for the company to report its financials as its shares have risen 191% year-to-date but declined by 2.5% over the last month.
On a year-to-date basis (ending yesterday), Nvidia has outperformed the Nasdaq 100 Index, which grew by 24%, whereas, the technology company has underperformed the index in the last month, following Nasdaq 100’s growth of 0.87%.
Don’t Miss:
What Happened: While many analysts expect good results from the chipmaker, technical analyst, and chief investment officer at NeoTrader, Dr C.K. Narayan says that “the trend is resolute in Nvidia charts.” He expects the stock to trade upwards of $140 per share if the third-quarter financials beat the street expectations.
Nvidia, led byJensen Huang has forecasted third-quarter revenue of approximately $32.5 billion, driven by strong demand for its Hopper and Blackwell GPUs.
These GPUs are expected to bolster Nvidia’s data center segment. The Blackwell units, priced between $30,000 and $40,000, are in high demand, with production ramping up in the fourth quarter of 2024.
Nvidia is fully supply-constrained on new products, which could limit the potential upside for the current quarter and the company’s outlook, said Joseph Moore, a Morgan Stanley analyst. Morgan Stanley maintains Nvidia as a top pick with an ‘overweight’ rating, raising the price target from $150 to $160.
According to a recent Benzinga report and Benzinga Pro data over the last 12 quarters, Nvidia has exceeded earnings-per-share (EPS) expectations 10 times and missed revenue expectations only once.
On average, Nvidia shares moved 5.3% in the single trading day following its earnings release.
The largest 1-day gain followed its first quarter 2024 earnings, when the stock surged 24.4%, while the worst reaction occurred after fourth quarter 2024 results, with a decline of 7.6%.
Here’s a snapshot of the company’s recent earnings performance:
The changing interest rate environment has created an incredible opportunity for income-seeking investors to earn massive yields, but not through dividend stocks… Certain private market real estate investments are giving retail investors the opportunity to capitalize on these high-yield opportunities and Benzinga has identified some of the most attractive options for you to consider.
For instance, the Ascent Income Fund from EquityMultiple targets stable income from senior commercial real estate debt positions and has a historical distribution yield of 12.1% backed by real assets. With payment priority and flexible liquidity options, the Ascent Income Fund is a cornerstone investment vehicle for income-focused investors. First-time investors with EquityMultiple can now invest in the Ascent Income Fund with a reduced minimum of just $5,000. Benzinga Readers: Earn a 1% return boost on your first EquityMultiple investment when you sign up here (accredited investors only).
