"That achievement came just one month after surpassing both Apple Inc. (NASDAQ:AAPL) and Microsoft Corp. (NASDAQ:MSFT) in market cap as members of the $3 trillion market cap club. In September, the company announced plans to invest up to $100 billion in OpenAI. As a result, Evercore raised its price target on NVIDIA to $225 from $214 while keeping an "Outperform" rating, citing the OpenAI deal as the impetus, while Barclays raised its price target to $240 from $200, maintaining its "Overweight" rating."
"When NVIDIA reported Q2 earnings on Tuesday, Aug. 26, it beat on top and bottom lines, announcing EPS of $1.05 against $1.01 expected, and revenue of $46.74 billion against $46.06 billion estimated. That resulted in a flurry of upward price target revisions this summer. DA Davidson upgraded NVIDIA to "Buy" from "Neutral" with a price target of $210, up from $195."
NVIDIA shares rose 6.55% over the past five trading sessions after earlier declines, producing a year-to-date gain near 40%. The company reached a $4 trillion market capitalization in early July after surpassing Apple and Microsoft as members of the $3 trillion club. In September, NVIDIA announced plans to invest up to $100 billion in OpenAI, prompting multiple analysts to raise price targets. Q2 results beat expectations with EPS of $1.05 versus $1.01 and revenue of $46.74 billion versus $46.06 billion. AI-driven demand for semiconductors, microchips and GPUs continues to power strong investor enthusiasm and upgrades.
Read at 24/7 Wall St.
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