From Nasdaq: 2024-07-08 17:04:45

Nvidia stock (NASDAQ: NVDA) continued its rally in June, closing the month up 12.7% and gaining approximately 159% year to date. The surge was fueled by strong earnings, positive analyst coverage, and promising AI opportunities on Wall Street.

Analysts have been bullish on Nvidia, with upward revisions of price targets from firms like Truist, Citigroup, and Rosenblatt. Rosenblatt even raised its target to $200 per share, suggesting a 56% upside potential. The company’s market cap is now around $3.04 trillion, ranking as the world’s third most valuable company.

Nvidia is guiding for revenue of about $28 billion in Q2 of its fiscal year, a 107% growth YoY. The company’s leadership in the GPU market and AI processor space positions it well for continued growth and market dominance in the future. The stock has already seen a 3.7% increase in July’s trading.

Despite not making the cut in the Motley Fool’s 10 best stocks to buy now, Nvidia has shown strong returns over the years. The Motley Fool Stock Advisor service, emphasizing a blueprint for successful investing, offers insights on portfolio building, analyst updates, and monthly stock picks that have outperformed the S&P 500 since 2002.



Read more at Nasdaq: Why Nvidia Stock Climbed Last Month and Has Kept Its Rally in July