Arguably the most exciting stock in the globe in the last 12 months the semiconductor titan Nvidia (NASDAQ: NVDA) provided investors and forecastor even more reasons for optimism earlier in June with a 10-for-1 stock split.
While the action does not have the practical application it would in the period before fractional stock ownership became commonplace, it stays both a testament to NVDA’s fabulous performance in recent years and creates whole-share ownership more feasible for many everyday investors.
Moreover, though the split failed to immediately strike Nvidia’s most recent time of relative stagnation, it prompted multiple analyst companies to come out with repeated price targets and ratings.
Our professionals overwhelmingly took the opportunity to reaffirm their faith in the blue-chip chipmaker, with as many as eight prominent analyst companies having given updated Nvidia stock ratings and price targets after the NVDA split took place on Friday, June 7.
The first of these, dated Monday, June 10, arrived from Susquehanna and gave a reiteration of the positive, purchase and rating. It was accompanied by a cost target hike from $120 to $145.
On the same day, Barclays provided the exact same move. While the variables of the target to $145 is listed as a downgrade in many causes, this is only true if the stock split is not accounted for.
Also on Monday, Morgan Stanley (NYSE: MS) assured it believes Nvidia stock a ‘buy’ after the split as it did before, while TD Cowen upgraded the forecast from a upgrade of $120 in the coming 12 months to $140.
Tuesday, June 11, also characterized a string of revisions, with the first one arriving from Goldman Sachs (NYSE: GS), which, along with stating that NVDA stays a purchase, enhanced the target from $120 to $135.
Evercore ISI, which was already more bullish than most other analysts with a prediction that Nvidia would increase to $131, joined the ranks of most of its peers with a NVDA stock rise to $145.
Argus also remained bullish and provided the single biggest cost target boost from its last estimate of $110 to the new prediction of $150 the new street high.
Finally, DZ Bank strike from the bunch and stayed neutral when it came to Nvidia’s stock market prospects without providing a clearly discernible cost target.