Oppenheimer Just Raised Its Price Target on Nvidia Stock
$NVIDIA(NVDA.US$ recently enacted a successful 10-for-1 stock split, which took effect earlier this week. Since NVDA stock began trading on a split-adjusted basis, Wall Street sentiment has been improving.
Granted, many analysts were bullish on the artificial intelligence (AI) standout long before it announced stock-split plans. But since trading began this week, plenty of financial institutions have either issued or reiterated “buy” ratings, predicting that the firm’s impressive growth will continue as markets adjust to the newly split stock. One such expert is Rick Schafer of Oppenheimer, who significantly raised his NVDA stock price target today.
What’s Happening With NVDA Stock?
Since it began trading on a split-adjusted basis, NVDA stock has been fairly volatile. As of this writing, shares are down about 1% for the day after rising and falling multiple times. That said, it shouldn’t take too long for the stock to start making progress.
Schafer is certainly optimistic about Nvidia’s growth prospects. The analyst set a price target of $150 for NVDA stock, implying upside of more than 20%. Schafer and his team praised Nvidia as one of the best-positioned companies in the AI space, citing its full stack hardware and software solutions as likely growth driving catalysts.
With NVDA stock now trading at a discounted level, retail investors are far more able to buy shares if they didn’t buy before the rise of ChatGPT. Indeed, the time to buy NVDA is now, before markets adjust and shares start rising again.
Analysts are pounding the table on NVDA stock because they see its growth potential. Now that the AI leader has split its stock, a trading frenzy is likely brewing.
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