Nvidia (NVDA) is set to deliver its highly anticipated earnings after the closing bell Wednesday, with analysts overwhelmingly bullish on the chipmaker’s stock.
Of the 23 analysts covering Nvidia tracked by Visible Alpha, 22 have a “buy” rating for the stock, with one “hold” rating. Their consensus price target of $170 would represent an over 17% premium over Wednesday’s intraday price of $144.66.
Several firms raised their price targets in the days ahead of the report, with Stifel analysts bumping their price target earlier this week to $180 from $165. Last week, Mizuho lifted its price target to $165 from $140.
Projections for Nvidia’s results have also ticked higher, with analysts now expecting third-quarter revenue to grow 84% year-over-year to $33.29 billion, driven by record sales from Nvidia’s data center segment.
Data center revenue hit a record $26.3 billion in the second quarter, with Nvidia CEOJensen Huang telling investors “global data centers are in full throttle …