Selected stock price target news of the day - May 23rd, 2024

By Matthew Otto

NVIDIA’s Q1 Earnings Showcase AI Dominance and Fuel Investor Confidence

NVIDIA’s first-quarter earnings call for fiscal 2025 showcased its financial performance, reporting earnings per share of $6.12, surpassing the analyst estimate of $5.59 by $0.53. Revenue for the quarter reached $26.04 billion, exceeding the consensus estimate of $24.65 billion. This marked an 18% sequential increase and a 262% year-on-year growth, significantly above the projected $24 billion. A major driver of this growth was Data Center revenue, which soared to $22.6 billion, driven by demand for the NVIDIA Hopper GPU computing platform.

NVIDIA has forecasted Q2 2025 revenue at $28 billion, plus or minus 2%, outpacing the consensus expectation of $26.66 billion. Additionally, NVIDIA announced a 10-for-1 stock split effective June 7th and a 150% increase in its quarterly dividend on a post-split basis.

Analysts Bullish with Raised Price Targets Following Earnings Report

JP Morgan Analyst Harlan Sur maintained an Overweight rating and raised the price target from $850 to $1150.
Susquehanna Analyst Christopher Rolland maintained a Positive rating yet raised the price target from $1100 to $1200.
Bernstein Analyst Stacy Rasgon maintained an Outperform rating but increased the price target from $1000 to $1300.
Keybanc Analyst John Vinh reiterated an Overweight rating while raising the price target from $1200 to $1300.
Stifel Analyst Ruben Roy reiterated a Buy rating and raised the price target from $1085 to $1140.
Piper Sandler Analyst Harsh Kumar maintained an Overweight rating and upgraded the price target from $1050 to $1200.
Mizuho Analyst Vijay Rakesh reiterated a Buy rating and increased the price target from $1000 to $1180.
Evercore ISI Group Analyst Mark Lipacis kept an Outperform rating yet upgraded the price target from $1160 to $1310.
BofA Securities Analyst Vivek Arya maintained a Buy rating and raised the price target from $1100 to $1320.
Needham Analyst Quinn Bolton reiterated a Buy rating and increased the price target from $850 to $1200.
Goldman Sachs Analyst Toshiya Hari maintained a Buy rating and raised the price target from $1100 to $1200.
Wolfe Research Analyst Chris Caso kept an Outperform rating and increased the price target from $1200 to $1250.

Which Analyst has the best track record to show on NVDA?

Analyst C J Muse (CANTOR FITZGERALD) currently has the highest performing score on NVDA with 11/12 (91.67%) price target fulfillment ratio. His price targets carry an average of $342.26 (39.90%) potential upside. NVIDIA stock price reaches these price targets on average within 113 days.

Analog Devices Surpasses Expectations with Q2 2024 Results and Upbeat Guidance

Analog Devices unveiled its second-quarter fiscal year 2024 financial results, exceeding analyst expectations with an EPS of $1.40, surpassing the consensus estimate of $1.26 by $0.14. Revenue for the quarter amounted to $2.16 billion, surpassing the consensus estimate of $2.1 billion.

Within ADI’s revenue breakdown, the industrial segment, constituting 47% of total revenue, experienced a 44% decline year-over-year but is anticipated to rebound in the second half of the fiscal year, starting in the third quarter. Analog Devices includes ending the quarter with more than $2.3 billion in cash and short-term investments and a net leverage ratio of 1.1.

Looking ahead, Analog Devices provided optimistic guidance for the third quarter of fiscal year 2024. The company forecasts an EPS range of $1.40 to $1.60, surpassing the consensus estimate of $1.35. Additionally, Analog Devices anticipates third-quarter revenue to range between $2.17 billion and $2.37 billion, exceeding the consensus estimate of $2.16 billion.

Analysts Bullish, Raise Price Targets Following Strong Performance

Truist Securities analyst William Stein maintained a Buy rating and raised the price target from $222 to $275.
Barclays analyst Blayne Curtis maintained an Equal-Weight rating and raised the price target from $210 to $235.
Bernstein analyst Stacy Rasgon reiterated a Market Perform rating and increased the price target from $200 to $220.
Susquehanna analyst Christopher Rolland maintained a Positive rating yet raised the price target from $230 to $280.
JP Morgan analyst Harlan Sur kept an Overweight rating but upgraded the price target from $220 to $260.
BofA Securities analyst Vivek Arya maintained a Buy rating and increased the price target from $225 to $260.
Keybanc analyst John Vinh reiterated an Overweight rating while raising the price target from $230 to $285.
Needham analyst Quinn Bolton reiterated a Hold rating.

Which Analyst has the best track record to show on ADI?

Analyst Toshiya Hari (GOLDMAN SACHS) currently has the highest performing score on ADI with 11/11 (100%) price target fulfillment ratio. His price targets carry an average of $13.09 (6.82%) potential upside. Analog Devices stock price reaches these price targets on average within 190 days.

Snowflake Surpasses Expectations with Q1 Performance and Raised Outlook for Fiscal Year 2025

Snowflake released its Q1 Fiscal Year 2025 earnings, revealing an EPS of $0.14, slightly below the analyst estimate of $0.18. However, revenue for the quarter surpassed expectations, reaching $828.71 million compared to the consensus estimate of $786.82 million. Despite the slight miss on EPS, Snowflake’s overall financial performance showcased growth, with a 34% year-over-year increase in product revenue, totaling $789.6 million for the quarter, surpassing analysts’ expectations of $747.9 million.

Looking ahead, Snowflake provided an optimistic outlook for Q2, forecasting product revenue in the range of $805 million to $810 million, surpassing analysts’ average estimate of $785 million. Moreover, Snowflake raised its full-year product revenue guidance to approximately $3.30 billion, up from the previous forecast of $3.25 billion. Additionally, the company announced plans to acquire technology assets and onboard 35 employees from TruEra.

Analysts Maintain Positive Outlook, Adjust Price Targets

Oppenheimer analyst Ittai Kidron maintained an Outperform rating and a $220 price target.
JP Morgan analyst Mark Murphy maintained an Overweight rating and raised the price target from $170 to $185.
Keybanc analyst Eric Heath reiterated an Overweight rating and increased the price target from $185 to $200.
Needham analyst Mike Cikos kept a Buy rating but lowered the price target from $240 to $210.
Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and a $240 price target.
Wedbush analyst Taz Koujalgi kept a Neutral rating and a $210 price target.

Which Analyst has the best track record to show on SNOW?

Analyst Patrick Colville (SCOTIABANK) currently has the highest performing score on SNOW with 12/13 (92.31%) price target fulfillment ratio. His price targets carry an average of $38.32 (20.42%) potential upside. Snowflake stock price reaches these price targets on average within 78 days.