Wall Street analysts are ringing the bell for Nvidia stock but investors are taking a wait-and-see approach to the highflying AI chipmaker.
TD Cowen analyst Matthew Ramsay on Monday raised his price target on Nvidia stock to 165 from 140 and kept his buy rating.
On Friday, Benchmark reiterated its buy rating on Nvidia and upped its price target to 170 from 135.
But investors weren't buying on Monday. On the stock market today, Nvidia stock dipped 0.6% to close at 128.44.
Since hitting a record high of 140.76 on June 20, Nvidia stock has been on a roller coaster. Investors likely are waiting for the next catalyst for the leader in graphics processors. That might not come until Aug. 28 when Nvidia reports its fiscal second-quarter results.
Nvidia Stock Analysts Expect Solid Q2 Report
"One thing remains the same: fundamental strength at Nvidia," Ramsay said in a client note. "In fact, our checks continue to point to upside in data center (sales) as demand for Hopper/Blackwell-based AI systems continues to exceed supply."
He added, "Overall we see a product roadmap indicating a relentless pace of innovation across all aspects of the AI compute stack."
Ramsay said he expects Nvidia to deliver a "solid" beat-and-raise report for fiscal Q2.
Elsewhere, KeyBanc Capital Markets analyst John Vinh maintained his overweight rating on Nvidia stock with a price target of 180.
"We expect Nvidia to deliver higher results and higher guidance" with its Q2 report, Vinh said in a client note. Robust demand for generative artificial intelligence will drive upside, he said.
"Despite the impending launch of Blackwell in second-half 2024, we are not seeing any signs of a demand pause as demand for H100 remains robust, as we continue to see rush orders," he said.
Nvidia stock is on four IBD lists: Leaderboard, IBD 50, Sector Leaders and Tech Leaders.
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