Nvidia (NVDA) stock is leading gains across the semiconductor sector as the new year begins.
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NVDA stock rose more than 2% on January 2, the first trading day of 2025. The rally in the largest semiconductor stock by market capitalization is contributing to gains in other stocks in the sector. Advanced Micro Devices (AMD), Broadcom (AVGO), and Qualcomm (QCOM) are all on the rise.
The rally in semiconductor stocks came amid volatile trading across U.S. markets. The blue-chip Dow Jones Industrial Average was in negative territory as of noon on January 2, while the benchmark S&P 500 index and the tech-heavy Nasdaq Composite Index were slightly higher.
bullish call
NVDA stock is rising amid continued bullish sentiment from the analyst community. The latest positive sentiment comes from Loop Capital, whose analysts said in a note to clients that Nvidia is at a “nirvana” moment and is showing signs that its gains can be sustained throughout the year ahead. He said there was.
Nvidia was one of the best-performing stocks in 2024, rising more than 180% and reaching a market cap of $3.36 trillion. In the last few weeks of the year, the semiconductor industry received a boost from rising stock prices for other chipmakers, particularly Broadcom, whose stock has risen more than 40% in the last month alone.
Is NVDA stock a buy?
Nvidia stock has a consensus rating of “Strong Buy” among 40 Wall Street analysts. This rating is based on 37 Buy recommendations and 3 Hold recommendations assigned over the past three months. NVDA’s average price target of $177.08 implies an upside of 28.92% from current levels.
Read more about analyst ratings on NVDA Stock
