Mizuho (NYSE:) analyst Jordan Klein sees a bullish outlook for NVIDIA stock, saying the company’s management gave a very optimistic view at the CES investor conference in early January. I predict that it will show.
The research firm predicts that NVIDIA’s stock price could reach the $160-$170 level in the lead-up to March’s GPU Technology Conference (GTC) and the announcement of new product Rubin. This forecast is further supported by strong financial results and NVIDIA’s strategic position in the growing AI market.
Nvidia (NASDAQ:) stock closed at $139.31 on Wednesday.
A few weeks ago, NVIDIA announced record earnings for the third quarter ending October 27th. This indicates that the company is showing solid performance with the potential to reach new all-time highs.
The Santa Clara-based technology giant reported quarterly revenue of $35.1 billion. This was a massive 17% increase from the second quarter and an incredible 94% increase compared to the same period last year.
The company’s data center revenue also reached new heights, hitting a record high of $30.8 billion, up 17% quarter-over-quarter and 112% year-over-year.
At the time, NVIDIA CEO Jensen Huang emphasized the momentum in AI technology and the global shift to NVIDIA’s computing solutions.
He emphasized the high demand for Hopper and the expectations for Blackwell. Both are in full production and are key drivers for the company as they meet the scaling needs of foundational model makers in pre-training, post-training, and inference.
