The stock was flat in premarket trading Thursday. Shares of Nvidia have gained 20% year to date after surging more than 120% in 2020. However, this should be the trough and data ctr can accelerate in 2H as cloud digestion abates and enterprise recovers," the note said. Some parts of Nvidia's business appear to be slowing in growth, but Bank of America said investors should not overreact to these changes. That is well above the average price target, according to a FactSet survey of analysts, and 19% above where the stock closed Wednesday. Bank of America, which has a buy rating on Nvidia, hiked its price target on the stock to $750 per share from $700. "By diverting mining demand to cost-effective Crypto Mining Processor (CMP) products and by reducing mining capability of PC gaming cards, NVDA has effectively ring-fenced mining demand which should provide clarity," the note said. Bank of America analyst Vivek Arya said in a note to clients on Wednesday that the first-quarter results warranted a hike in estimates and price target for the company, saying that splitting up the crypto and gaming products should help solidify the overall business. 16, and investors will be looking for a solid showing that could. Current P/E ratio: 34.67 Price (Sep 16, 2022, EOD): 131. Nvidia ( NVDA -8.03) is set to release its fiscal 2022 fourth-quarter results (year ended Jan. The chipmaker beat expectations on the top and bottom lines in its first-quarter report, helped by rising revenue for gaming and processors specifically made for crypto mining. NVIDIA Stock Earnings Report NASDAQ: NVDA. The latest earnings report from Nvidia should help the semiconductor giant's stock continue its hot streak, according to Bank of America.
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