NVDA shares were trading under $740 then and clearly large investors had other designs for the stock instead of a pullback, as it moved to new highs above $800 in the past two weeks. I would have bids layered in from there down to $600 to make sure you catch some algo stop flushes. During the next 5-10% mini-correction in the Nasdaq Tech/Growth complex, NVDA shares could revisit support at $650. That rolls back to $850-900 some time next year. ![]() If I'm looking out 5 years, NVDA is a buy now with my new long-term price target of $1,000. It got there much faster than I expected after breaking up and out of that base around $540 where we added in April. NVIDIA (NVDA): I've written about Zacks #2 Rank NVDA as the the Bull of the Day twice in the past three months if you want to catch up on why I raised my price target to $750 before any other analyst on Wall Street. ![]() In my "UFO Messages: How to Think About Advanced Technology" report, here's what I wrote in a short blurb recommending shares on pullbacks under $700. ![]() On June 21, in a special report for Zacks Confidential subscribers, I raised my longer-term price target on NVDA shares to $1,000. They lead the field in multiple areas, from gaming, machine learning, and autonomous driving technology to artificial intelligence, medical imaging, and hyperscale computing for scientific research. With a $380 billion market cap and projected revenues in 2022 of $25 billion, the stock trades at a 15X price-to-sales multiple - quite rich for a semiconductor player.īut NVIDIA isn't just any chip maker. It was only in April, when NVDA shares traded for $600, that I was trying to assuage investor concerns about valuation with these words. That rally has brought the company over the $500 billion mark. ![]() In this report, I'll explain why this shift is so important and how innovations that investors have barely understood just ignited the recent explosion in the stock above $800. In my June 10 article on NVIDIA (NVDA), I explained why the stock was still undervalued at $700 because of the growth rate in its Datacenter business that was about to overtake its Gaming segment.
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