Nvidia’s stock has skyrocketed over 200% in the past year, and a bullish analyst now predicts the chipmaker could hit a market value of nearly $5 trillion within a year.
Rosenblatt Securities’ Hans Mosesmann recently bumped his price target for Nvidia to $200 from $140, setting a new Wall Street high.
This follows the company’s 10-for-1 stock split on June 10. On Tuesday, Nvidia shares climbed as much as 2.7%, reaching new intraday highs.
Based in Santa Clara, California, Nvidia has dominated the tech scene with its cutting-edge products, which are pivotal for data centers handling complex AI tasks.
Mosesmann, who has rated Nvidia as a buy since 2017, is enthusiastic about the company’s hardware business. However, he emphasizes, “the real narrative lies in the software that complements all the hardware goodness.”
He believes this software component will significantly boost sales and valuation over the next decade.
Nvidia remains a favorite among analysts, with 64 buy ratings, seven holds, and just one sell rating, according to Bloomberg data.
By Monday’s close, Nvidia’s shares had surged 165% in 2024, adding over $2 trillion to its market cap.
The chipmaker now stands on the brink of surpassing tech giants Microsoft and Apple as the world’s most valuable company.
