*Update: This stock alert was made on January 17, 2023. As of May 19,2023, the stock has risen to $318.28.
Mentioned: NVIDIA Corporation (NVDA)
By: Kevin Evans, StockPicking.com
We are placing an alert on NVIDIA Corporation (NVDA). The stock is trading at $168.99 a share. The stock has rebounded from its lows, but we believe there is more upside to go. As stated in our previous alert, the Company is ramping up its new platforms to address computing demands for graphics, Artificial Intelligence - AI, Quantum networking, autonomous vehicles, robotics, and the Omniverse. The Company is positioned for a new growth phase in these markets and we like this opportunity for the coming quarters. This past week, NVIDIA was at the J.P. Morgan Healthcare Conference, which featured dozens of drug and device firms. NVIDIA was there among them, because Healthcare could become a billion dollar a year market for Nvidia’s number-crunching and artificial intelligence products, writes J.P. Morgan’s semiconductor analyst Harlan Sur, in a note about the chip maker’s Thursday presentation.
Overall, we like the Company a lot and would continue using pullbacks as points to add to a position.
SHORT-TERM PRICE TARGET
$189
CATALYST
Entering new business cycle, Demand for computing power in many growth areas of our economy including Artificial Intelligence and Quantum computing.
OUR SHORT-TERM TARGET PROBABILITY RATING 1-10
9
RESEARCH NOTES
November 16, 2022 - Nvidia (NVDA) reported 3rd Quarter October 2022 earnings of $0.57 per share on revenue of $5.9 billion. The consensus earnings estimate was $0.67 per share on revenue of $5.8 billion. The Earnings Whisper number was $0.74 per share. Revenue fell 16.5% compared to the same quarter a year ago. The company said it expects fourth quarter revenue of $5.88 billion to $6.12 billion and, with gross margins of $65.5% to $66.5%, its guidance calculates to non-GAAP earnings of $0.76 to $0.86 per share. The current consensus earnings estimate is $0.76 per share on revenue of $6.09 billion for the quarter ending January 31, 2023.
SUPPORT/RESISTANCE
The stock has a 52 week high of $313.30 and a low of $108.13. Support is around $128.00 a share.
COMPANY INFO
NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds. Its Compute & Networking segment provides Data Center platforms and systems for AI, HPC, and accelerated computing; Mellanox networking and interconnect solutions; automotive AI Cockpit, autonomous driving development agreements, and autonomous vehicle solutions; cryptocurrency mining processors; Jetson for robotics and other embedded platforms; and NVIDIA AI Enterprise and other software. The company's products are used in gaming, professional visualization, datacenter, and automotive markets. NVIDIA Corporation
sells its products to original equipment manufacturers, original device manufacturers, system builders, add-in board manufacturers, retailers/distributors, independent software vendors, Internet and cloud service providers, automotive manufacturers and tier-1 automotive suppliers, mapping companies, start-ups, and other ecosystem participants. It has a strategic collaboration with Kroger Co. NVIDIA Corporation was incorporated in 1993 and is headquartered in Santa Clara, California.
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