Shares of chipmaker Nvidia were up Monday after HSBC analysts lifted the chipmaker’s price target on an increasing sales forecast for fiscal 2024.
Constellation Research founder R 'Ray' Wang analyzes three stocks that benefit from AI on 'Varney & Co.'on an increasing sales forecast for fiscal 2024.
Researchers are raising their price target from $600 to $780 based on bullish predictions for Nvidia AI data center sales and a significant quarter-over-quarter spike of roughly 29% on $19.4 billion in total sales for fiscal 2024. Consensus estimates have total sales near $13.7 billion. HSBC also revised its earnings per share estimates of 19% and 29%, which are now 21% and 23% above consensus estimates. , shares of Nvidia have risen around 48% the last quarter and nearly 216% since Jan. 1. Over the last five days, shares of the chipmaker are almost 5.9% higher.
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