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Wall Street is gearing up for a monster earnings report from Nvidia

The average price target on Nvidia is up nearly 8% over the past month, its fastest growth this year.

Luke Kawa

Ever since Nvidia unofficially kicked off the AI boom in May 2023, we’ve tended to see a predictable routine among Wall Street analysts once every three months:

Get blown away by the chip designer’s quarterly results, and immediately ratchet up their price targets for how high the stock can climb thereafter.

However, ahead of Nvidia’s second-quarter report, due after the close on Wednesday, the sell side is trying something a little different. This time, analysts are scrambling to increase their price targets ahead of results, seemingly much more confident in the affirmation they’ll be getting on the longevity of the AI boom and Nvidia’s critical role in facilitating it.

Over the past month, the average price target for Nvidia among analysts polled by Bloomberg has increased by 7.7%, the fastest rate of growth this year. The second-biggest jump in price targets occurred in the wake of the chip designer’s first-quarter sales and earnings beat.

Those seeing more upside in the stock over the past month include:

  • Morgan Stanley, to $200 from $170

  • Piper Sandler, to $225 from $180

  • Susquehanna, to $210 from $180

  • KeyBanc Capital Markets, to $215 from $190

  • Wedbush Securities, to $210 from $175

  • UBS, to $205 from $175

“We believe Nvidia earnings on deck is another positive catalyst for tech stocks that will further remind investors this is still only the bottom of the 2nd inning in the 9 inning game around building out the AI Revolution over the coming years to enterprises/consumers globally,” Wedbush analyst Dan Ives wrote. “We continue to believe from our Asia field checks that demand to supply is 10:1 for Nvidia’s golden chips.”

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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