The famous graphic cards developer is looking to have a bullish run due to its recent performance after having a volatile September. Nvidia is looking to be outperforming most stocks and has been cited as one of the hottest stocks from notable analysts. This is to no surprise as the GPU designer has been an alluring stock in the past years.
According to a research team by Citigroup, the buy rating for Nvidia has increased and is predicting that the chipmaker is going to rise exponentially in the upcoming years. The tech giant is also spearheading the bullish run in the elite IBD 50 after surging last Friday.
Nvidia’s Current Stock Performance
The bullish run from Nvidia’s performance last week is expected to continue this week; the company’s shares were soaring by a massive 2% last Friday. Atif Malik of Citigroup noted that "We expect Nvidia stock to grow into its multiple on strong earnings growth over the next three years, and exposure to some of the fastest growth secular end markets likes deep learning, artificial intelligence, and self-driving cars,"
The GPU maker managed to increase by a whopping 161% in the last 12 months run they did until last week’s Thursday. Looking at a broader comparison, the massive performance from the stock puts S&P 500’s 17% gain from the same time frame a lackluster performance, according to figures tallied and recorded by Factset.
The Citigroup analysts managed to increase Nvidia’s price target from the latter $185 to a massive $210, or a total of 19.5% from Thursday’s closing price. One more thing that analysts are looking at, in addition to the company’s overall performance, is the data center cloud computing deals with big names in the industry such as Alibaba, Baidu, and Tencent.
Nvidia Statistical Figures
On the most recent survey done by Citigroup to 342 U.S. gamers; they found out that the massive 83% of the participants showed their eagerness to buy a Nvidia graphics card. The survey proved that the consumers are gearing towards the green team as the percentage rose by 75% since the last which was also conducted last March of this year.
One more pressing hurdle that the company is looking to take is the rising popularity of AMD cards, most especially their new VEGA lineup. The company also announced a bumped on their GPU’s prices in the coming months because of the massive mining craze that is going on, we can expect a marginal increase in prices just before the year ends.
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