Mizuho (NYSE:MFG)'s analyst Jordan Klein sees a bullish outlook for NVIDIA's stock, predicting that the company's management will present a very optimistic view during investor meetings at the upcoming CES in early January.
The research firm anticipates that NVIDIA's stock could reach the $160-170 level leading into the GPU Technology Conference (GTC) in March and the unveiling of their new product, Rubin. This forecast is further supported by the strong financial results and the strategic positioning of NVIDIA in the growing AI market.
Nvidia (NASDAQ:NVDA) shares closed at $139.31 on Wednesday.
A few weeks ago, Nvidia announced a record-breaking revenue for the third quarter ending October 27, signaling a robust performance that has set the company on a path for potential new all-time highs.
The Santa Clara-based tech giant reported a quarterly revenue of $35.1 billion, marking a significant 17% increase from the second quarter and an impressive 94% rise from the same period the previous year.
The company's data center revenue also reached new heights, with a record $30.8 billion, which is up 17% from the previous quarter and a substantial 112% from the year-ago quarter.
Back then, NVIDIA's CEO Jensen Huang emphasized the momentum of AI technology and the global transition to NVIDIA's computing solutions.
He highlighted the high demand for Hopper and the anticipation for Blackwell, both of which are in full production and are key drivers for the company as they meet the scaling needs of foundation model makers in pretraining, post-training, and inference.
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