Nvidia stock earns 8th price target hike in August as Oppenheimer raises numbers into earnings

Wall Street analysts continue to raise their price targets on Nvidia (NASDAQ:) stock as the company prepares to report second-quarter results on August 23 after market close.

Oppenheimer analysts hiked the price target by $80 to $500 per share while reiterating an Outperform rating. This is the 8th price target increase for Nvidia in the month of August, including the new Street-high of $800 at Rosenblatt.

Analysts expect Nvidia to post adjusted EPS of $2.07 on revenue of $11.1 billion. This is in line with the consensus for earnings of $2.06 on revenue of $11.14B.

For this quarter, analysts see Nvidia guiding for EPS of $2.34 on revenue of $12.4B while the consensus currently sits at EPS of $2.32 on revenue of $12.38B.

Oppenheimer notes the presence of supply constraints that might impact short-term growth, although NVDA is enjoying the benefits of strong demand for AI technology across various industries.

“NVDA remains the purest scale play on AI adoption. Sustained structural growth led by DC AI as accelerator attach increases (could hit 40–50% in cloud within five years vs. 20% today). NVDA’s entrenched DC/AI ecosystem is core to GenAI adoption. We remain long-term buyers,” analysts said in a client note.

Nvidia stock price is up almost 1% in pre-market Thursday.