HSBC's analyst Frank Lee is optimistic about Nvidia's upcoming fiscal first-quarter results, expecting the company to exceed analysts' expectations for both earnings and revenue. The bank's new price target reflects a potential upside of 46.2% from Nvidia's recent closing price. Analysts predict that Nvidia's earnings will more than double year-over-year, with revenue expected to surge nearly 80%.
Lee highlights that Nvidia's growth will not only come from its traditional hyperscaler customers but also from expanding into new markets, which could drive a new narrative around the company's earnings potential.
With Nvidia's stock already up over 19% year-to-date and its market capitalization exceeding $5 trillion, the anticipation surrounding its earnings report is significant for both the company and the broader market