Nvidia Stock Climbs On BofA’s Bullish Outlook Ahead Of CES Keynote: Retail Remains Cautious
In contrast, DA Davidson initiated coverage of Nvidia on Thursday, with a ‘Neutral’ rating and $410 price target stating the stock "may be vulnerable as AI hype approaches the 'trough of disillusionment.'"
FollowNvidia Corp. (NVDA) stock was up more than 1.5% in early morning trade on Thursday after Bank of America (BofA) reiterated it as its top pick ahead of the Consumer Electronics Show (CES) on Jan. 6., where Nvidia CEO Jensen Huang is set to deliver his keynote during the event.
“While the big themes have already been mentioned in the media ahead of the event, we still see CES as a positive catalyst, re-asserting NVDA’s platform dominance/opportunity in high-growth markets,” BofA analysts said in their research note.
In contrast, DA Davidson initiated coverage of Nvidia on Thursday, with a ‘Neutral’ rating and a $410 price target, as per TheFly.
The brokerage was more cautious than BofA, stating that Nvidia "may be vulnerable as AI hype approaches the 'trough of disillusionment.'"
While acknowledging Nvidia's leadership in accelerated computing and forecasting 20% annual growth, the brokerage suggested that consensus expectations for long-term growth might taper within the next six quarters.
Nvidia Corp. Sentiment and Message Volume on Jan 1 as of 09:35 a.m. ET | Source: Stocktwits
On Stocktwits, retail sentiment around Nvidia improved to ‘neutral’ from ‘bearish’ a day ago amid ‘low’ levels of chatter, reflecting cautious optimism.
The average price target on the stock currently is $172.80, according to Koyfin.
The stock more than doubled in value in 2024. According to Barron’s, if Nvidia manages to more than double its share price for another year, it could become the most valuable company in the world—ahead of Apple and Microsoft by a large margin.
As analysts and retail investors weigh the opportunities and risks associated with Nvidia’s growth, all eyes will be on Huang’s CES keynote, which could shape the stock’s momentum heading into 2025.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
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