Nvidia stock jumped 4.6% on positive news, with analysts expecting strong Q2 revenue.

From Nasdaq: 2024-08-23 16:30:55

Nvidia (NASDAQ: NVDA) saw a 4.6% increase in share price on Friday. Evercore raised its price target to $150, anticipating a 19% upside potential, boosting investor confidence. Federal Reserve Chairman Powell’s hint at an interest rate cut added to the positive sentiment surrounding Nvidia’s upcoming earnings report on Aug. 28.

Analysts expect Nvidia’s Q2 revenue to exceed the company’s guidance of $28 billion, with an average estimate of $28.6 billion. The AI chip leader has consistently outperformed expectations, with strong sales and earnings figures driven by key customer relationships and strategic positioning in the AI sector.

Despite the positive outlook, Nvidia’s Q2 report could introduce volatility as investors await details on next-gen Blackwell processors and forward guidance. Long-term prospects remain strong, but caution is advised due to potential short-term fluctuations. Dollar-cost averaging may be a wise strategy amid market uncertainty.

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Read more at Nasdaq: Nvidia Jumped Today — Is the AI Stock a Buy Ahead of Its Big Q2 Release on Aug. 28?