Nvidia shares rise ahead of earnings as analysts grow more bullish

Nvidia ( NVDA ) shares rose on Tuesday, a day ahead of the company’s much-anticipated third-quarter earnings, as analysts grew more bullish on the chipmaker’s outlook.

Projections for Nvidia’s results have ticked higher in the days leading up to the report, with analysts now expecting third-quarter revenue to grow 84% year-over-year to $33.29 billion, driven by record sales from Nvidia’s data center segment, according to compiled estimates . by Visible Alpha.

In a note to clients on Monday, Stifel analysts issued a “buy” rating on the stock and raised their price target to $180 from $165, implying about 23% upside from Tuesday’s intraday price. The analysts said they expect the chipmaker’s total addressable market to reach “more than $100 billion by exiting 2025 and a long-term opportunity funnel approaching $1 trillion.”

“We expect the majority of opportunities in the near to mid-term to come from high-performance computing, hyperscale and cloud data center, and enterprise and edge computing,” the analysts said, noting that “demand for AI computing continues to outstrip supply .”

Nvidia shares rose over 4% to $146.54 in Tuesday afternoon trading and have nearly tripled in value since the start of the year.