Nvidia Stock Is Surging Today — What's Going On?

NVIDIA Corp NVDA shares are trading higher Thursday after the company reported better-than-expected financial results and issued strong guidance. Several analysts also raised price targets on the stock following the company's quarterly results.

What Happened: Nvidia said fourth-quarter revenue decreased 21% year-over-year to $6.05 billion, which beat average analyst estimates of $6.01 billion, according to Benzinga Pro. Data center was up 11% year-over-year, while gaming was down 46%.

The chip giant reported quarterly earnings of 88 cents per share, which beat estimates of 81 cents per share.

"AI is at an inflection point, setting up for broad adoption reaching into every industry. From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI," said Jensen Huang, founder and CEO of Nvidia.

Nvidia expects first-quarter revenue of $6.5 billion, plus or minus 2%, versus estimates of $6.33 billion.

See Also: Jim Cramer's Urgent Message to Tech Stock Investors: 'Listen to Nvidia's Earnings Call'

Analyst Assessment: 

• Needham maintained Nvidia with a Buy and raised the price target from $230 to $270.
• Piper Sandler maintained Nvidia with an Overweight and raised the price target from $225 to $275.
• JPMorgan maintained Nvidia with an Overweight and raised the price target from $220 to $250.
• Deutsche Bank maintained Nvidia with a Hold and raised the price target from $170 to $200.
• Rosenblatt reiterated Nvidia with a Buy and a $320 price target.
• Wells Fargo maintained Nvidia with an Overweight and raised the price target from $250 to $275.
• Morgan Stanley maintained Nvidia with an Equal-Weight and raised the price target from $246 to $255.

NVDA Price Action: Nvidia has a 52-week high of $289.46 and a 52-week low of $108.13.

The stock was up 10.1% at $228.58 at time of publication, according to Benzinga Pro.

Photo: courtesy of Nvidia.