The rise of NVIDIA Corporation (NASDAQ: NVDA) was already impressive enough before 2023, but the surge to well over $3 trillion in market value in the period of time is something that has never been seen before. And now Wall Street and Main Street brace for every earnings report, corporate event and other news that is anything and everything relating to NVIDIA.
Oggonomics tracks the daily flow of analyst upgrades, downgrades and initiations to look for fresh and new ideas that might have otherwise been overlooked. Hardly a week goes by where NVIDIA is not covered by one major firm on Wall Street.
One severe standout call was issued after NVIDIA’s earnings. Investors are used to every firm “reiterating their Buy rating and raising their price targets” by now. But when was the last formal analyst downgrade on NVIDIA? A downgrade happened this week.
Oggonomics is first covering the downgrade and then the reiterated ratings and price target hikes.
A firm called Philip Securities put itself on the map this week by being the one analyst downgrade. Its formal rating was cut to Accumulate from Buy, but the firm still raised its price target to $160 from $155 in its call. And both the new $160 target and prior $155 target are above the all-time high and are handily above Friday’s $141.95 closing price after its shares fell 3.2%.
If you are not familiar with Philip Securities Group, you are not alone. Its parent is Philip Capital that started in Singapore in 1975 and the Philip Securities group is in Hong Kong. As part of the call was after addressing rumors and reports regarding more China restrictions from the U.S., most U.S. investors are likely to discount this report as they are unable to even read about it.
NVIDIA’s stock price growth has been based on a multiple-expansion on its forward P/E on top of its major growth year-over-year. Where this ends up is anyone’s guess.
MANY NEW AND STRONGER PRICE TARGETS AHEAD
Now for all those post-earnings analyst calls from brokerage firms and independent research firms, covered in alphabetical order, showing each rating or price target adjustments if applicable:
- Argus (Buy) to $175 from $150
- Barclays (Overweight) to $160 from $145
- Benchmark (Buy) to $190 from $170
- BofA (Buy) reiterated $190
- Cantor Fitzgerald (Buy) reiterated $175
- CFRA (Buy) to $165 from $160
- Citigroup (Buy) to $175 from $170
- DA Davidson (Neutral) to $135 from $190
- Deutsche Bank (Hold) to $140 from $115
- Evercore ISI (Outperform) to $190 from $189
- Goldman Sachs (Buy) to $165 from $150
- JPMorgan (Overweight) to $170 from $155
- Mizuho (Outperform) to $175 from $165
- Morgan Stanley (Overweight) to $168 from $160
- Morningstar (Hold) fair value to $130 from $105
- Needham (buy) to $160 from $145
- Oppenheimer (Outperform) reiterated $175
- Rosenblatt (Buy) to $220 from $200 as the street-high target
- TD Cowen (Buy) to $175 from $165
- Truist (Buy) to $169 from $167
- UBS (Buy) reiterated $185
- Wedbush (Outperform) to $175 from $160
- Wells Fargo (Overweight) to $185 from $165
And one report from Stifel came out the same day as but ahead of the earnings reiterating its Buy rating and raising its price target to $180 from $165.
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THE PRE-EARNINGS PRICE TARGET HIKES
While the post-earnings hikes may seem large, looking at the large number of pre-earnings hikes should show just how much future price targets have risen since mid-October. This will show a solid combination of the pre-election calls with the post-election and post-earnings calls. These were some of the analyst calls with reiterated ratings and/or hiked price targets in the last 30 days ahead of NVIDIA’s earnings report, with the most recent calls first:
- Stifel (buy) target to $190 from $165 (11/19)
- Truist (Buy) target to $167 from $148 (11/19)
- Rosenblatt (Buy) maintained at $200 as the street-high target (11/18)
- CFRA reiterated Buy and reiterated its $160 target (11/18)
- Wedbush (Outperform) target to $160 from $138 (11/14)
- Raymond James (Strong Buy) target to $170 from $140 (11/14)
- Susquehanna (Positive) target to $180 from $160 (11/14)
- HSBC (Buy) target to $200 from $145 (11/14)
- Oppenheimer (Outperform) target to $175 from $150 (11/14)
- Citigroup (Buy) target to $170 from $150 (11/13)
- Mizuho (Outperform) target to $165 from $140 (11/12)
- Redburn Atlantic started with a Buy rating and set a $178 price target (11/12)
- UBS (Buy) target to $185 from $150 (11/11)
- Melius Research (Buy) target to $185 from $165 (11/11)
- Morgan Stanley (Overweight) target to $160 from $150 (11/11)
- Piper Sandler (Overweight) target to $175 from $140 (11/11)
- BofA (Buy) price objective to $190 from $165 (10/17)
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IN THE END….
All formal analyst ratings and price targets are from the outside brokerage firms, research firms and investment banking firms mentioned. Oggonomics does not have opinions on these speculative stocks. Oggonomics also has no formal price targets of its own on any of these stocks. Any recommendations that come with Buy and Outperform ratings like this are from each firm mentioned and they are not necessarily the opinion of Oggonomics.
