Leading investment bank Goldman Sachs remains bullish on the top tech stock, Nvidia. Its price is currently hovering around the $138 price range and ended Monday on a high as it surged 2.43%. The stock is among the most sought-after assets in the US markets, having skyrocketed 2,800% in just five years. Investors who took an entry position before the COVID-19 pandemic made stellar returns through Nvidia.
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The buying pressure barely dipped in the last two years as both retail investors and institutional funds are hitting the buy button. Investors who took an entry position early this year also reaped profits as it rose 186% year-to-date. The firm will also replace Apple as the world’s most valuable company. Goldman Sachs has predicted that the bull run could continue in 2024 and provided a new price forecast for Nvidia stock.
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Goldman Sachs Predicts Nvidia Stock Price: Here’s the Target
The investment banking giant Goldman Sachs has predicted that Nvidia stock could reach the $150 price target next. Citing the company’s strong competitive position in the artificial intelligence (AI) sector, the top bank expects the stock to hit the $150 mark comfortably. All technical indicators also point towards a ‘buy’ target for the stock.
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Despite maintaining its position as the leading chipmaker, Nvidia is capitalizing on the AI sector. The firm’s expanding nature and adaptability are attracting investors who want to take early positions before another bull run. Apart from Goldman Sachs, even Citi analyst Atif Malik has put a ‘buy’ tag on Nvidia stock.
“We estimate Nvidia GPU compute sales to grow 118% and 84% year-over-year in calendar years 2024 and 2025, respectively, with hyperscaler sales increasing 100% and 67% during the same period,” Malik noted. Therefore, both Goldman Sachs and Citi remain bullish on Nvidia’s stock.