Nvidia stock remains strong despite recent dip, with high growth potential and optimistic outlook

From Nasdaq: 2024-08-31 08:51:02

Nvidia (NVDA) stock, despite a recent dip, has been the best-performing S&P 500 stock in 2024, with gains over 141%. The chip giant became a trillion-dollar company in 2023 and briefly surpassed Apple and Microsoft in market cap. After strong earnings, analysts advise buying the dip, but target price hikes were less substantial this time.

Nvidia posted strong Q2 earnings with revenue up 122% YoY. Market expectations for Nvidia are high, and while analysts raised target prices, the increases were not as significant as in previous quarters. Citi named Apple its top pick over Nvidia. With new products and CEO optimism, Nvidia still has growth opportunities despite the competition.

Looking ahead, Nvidia expects to ship Blackwell chips and sees growth in data center opportunities. The company’s valuations are more grounded, with the stock expected to see double-digit growth by the end of 2025. Analysts have a mean target price of $142.60, implying a 19.5% upside, with a street-high target of $200 – over 67% higher than current prices.



Read more at Nasdaq: NVDA 2025 Forecast: How Long Can Nvidia Stock Stay on Top of the S&P 500?