Nvidia stock nabbed a fresh batch of price-target hikes on Tuesday as the AI chipmaker continues to show strength after its standout first-quarter earnings report.
Three Wall Street firms raised their price targets on Nvidia stock one day after three other firms raised their targets on the graphics-chip maker.
Argus Research increased its price target on Nvidia stock to 150 from 110 and kept its buy rating.
Oppenheimer also upped its target to 150 from 110 and maintained its outperform rating.
Evercore ISI raised its target on Nvidia stock to 145 from 131 and reiterated its outperform rating.
Nvidia Stock Takes A Breather After Breakout
On the stock market today, Nvidia stock dipped 0.7% to close at 120.91. It ended the regular session Monday up 0.8% to 121.78.
On May 23, Nvidia stock broke out of a 10-week consolidation pattern at a split-adjusted buy point of 97.40, according to IBD MarketSurge charts.
Nvidia is technically in the 20%-to-25% profit-taking zone of its breakout, but it is subject to the eight-week hold rule, according to IBD trading guidelines.
The stock breakout occurred after the Santa Clara, Calif.-based company smashed expectations with its fiscal first-quarter earnings report.
Nvidia Shares 'Have Much Further To Go'
Argus analyst Jim Kelleher said Nvidia is positioned for "continued momentum" this year and its shares "have much further to go."
In addition to growth in AI and data center markets, Nvidia should see acceleration in its other end markets, he said in a client note. Those markets include gaming, professional visualization and automotive.
Oppenheimer analyst Rick Schafer said Nvidia has a clear product roadmap for its graphics processing units and networking products.
"We see NVDA as best positioned in AI, benefiting from their full stack AI hardware, networking, and software solutions," Schafer said in a client note.
Nvidia On Five IBD Stock Lists
In other news Tuesday, cloud security software firm Zscaler announced a collaboration with Nvidia. Zscaler will use the alliance to accelerate AI-powered co-pilot technologies for enterprises. Zscaler stock rose 2% to close at 187.65 on Tuesday.
Nvidia stock is on five IBD lists: Leaderboard, IBD 50, Big Cap 20, Sector Leaders and Tech Leaders.
Also, Nvidia stock is one of the Magnificent Seven stocks.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
