NVIDIA’s Stock Reaches Critical Juncture
A Shift in Sentiment
CNBC’s Jim Cramer has made a dramatic U-turn on his stance on NVIDIA Corp. (NASDAQ:NVDA). Just a day after warning of a “vicious” and “fast” reversal, Cramer now suggests that the stock may have hit a bottom after touching $127.
A Possible Turning Point
Cramer took to X, formerly Twitter, to share his thoughts, stating that the $127 mark could be the moment when everyone who wanted to sell did so. This marks a significant shift in sentiment, and investors are taking notice. NVIDIA shares closed Tuesday at $130.39, down 1.22%, but gained 0.53% in after-hours trading.
Fundamental Strength Remains
Despite recent volatility, NVIDIA’s stock has maintained an impressive 170.69% gain year-to-date, largely driven by artificial intelligence demand. The company’s fundamental strength remains evident in its recent financial performance, with third-quarter revenue surging 94% year-over-year to $35.1 billion.
Wall Street’s Optimistic Outlook
NVIDIA’s market capitalization stands at $3.21 trillion, with a price-to-earnings ratio of 53. Wall Street analysts are bullish on the stock, with 40 analysts setting an average price target of $170.56. Rosenblatt Securities leads with the most bullish target of $220, while New Street Research sets a more conservative target of $120.
What’s Next for NVIDIA?
As the company continues to ride the wave of AI demand, investors will be closely watching its next move. With its fundamental strength and Wall Street’s optimistic outlook, NVIDIA’s stock could be poised for further growth. Will Cramer’s prediction of a bottom at $127 prove accurate? Only time will tell.
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