Nvidia Gets a Price Target Hike. But the Stock Is Slipping. -- Barrons.com

Dow Jones11-15 18:59

By Adam Clark

Nvidia stock was edging down early on Friday with the chip maker's shares still stuck just below record highs ahead of its coming earnings.

Nvidia shares were down 0.5% at $146.01 in premarket trading. The stock rose 0.3% on Thursday.

The company continues to hover near recent record highs as large technology companies invest in a fleet of AI data centers which are expected to be powered by Nvidia's hardware.

The next test for the stock is the company's quarterly earnings report on Wednesday. Nvidia is expected to post adjusted earnings of 71 cents a share on revenue of $33.09 billion for the October quarter, according to FactSet.

"We believe Nvidia will likely at least modestly exceed the pattern of "just" beating forecasts by $2 billion, as we anticipate strength in Q3 [third quarter] AI spend by hyperscale customers as well as continued solid growth at non-hyperscale accounts will boost fiscal third-quarter sales," Wedbush analyst Daniel Ives wrote in a research note.

Ives raised his target price on Nvidia stock to $160 from $138 and kept an Outperform rating.

Among other chip makers, Advanced Micro Devices was down 0.7% and Broadcom was falling 0.6% in premarket trading.

Write to Adam Clark at adam.clark@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 15, 2024 05:59 ET (10:59 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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