Benchmark Just Raised Its Price Target on Nvidia (NVDA) Stock

Nvidia (NASDAQ:NVDA) stock is up 2% today after Benchmark joined the growing number of firms who have raised their price targets on the prolific chipmaker. Indeed, Benchmark analysts lifted their price target to $170 today from $135, implying more than 30% upside.

“We had the opportunity to host Nvidia for a Fireside Chat discussion with investors, where we came away with increasing conviction that the company is well positioned to continue its leadership of the AI industry, with above expected revenue and earnings growth for the foreseeable future,” noted analysts.

According to the analysts, Nvidia was confident that customers’ demand for its products will consistently outpace its continuously growing production potential. Reasonably so, its H100 and H200 data center-focused GPUs remain strong sellers for Nvidia. Nvidia expects demand for these products to outmatch supply through the rest of the year and into 2025.

The analysts were also encouraged by the upcoming release of Nvidia’s next-generation Blackwell chip architecture.

“Blackwell is currently in full production, with first revenue expected in Q3, with global availability into customer data centers expected in Q4,” analysts said.

Blackwell is set to launch in more than a hundred systems, far outpacing Hopper, Nvidia’s last-released chip technology.

NVDA Stock Continues to Climb on Analyst Upgrades

As mentioned, Benchmark isn’t the only firm setting their sights on NVDA stock lately. Indeed, in just the past week, KeyBanc, Wolfe Research and UBS each raised their respective price targets on the tech company as its rally this year only continues to heat up.

NVDA is up more than 165% this year as one of the biggest winners on Wall Street. At times, the company has even exceeded the likes of Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) by market capitalization. Nvidia is now at a market cap of more than $3.2 trillion.

Investors are currently eagerly awaiting the company’s quarter earnings call, which is estimated to arrive on Aug. 28.

On the date of publication, Shrey Dua held a LONG position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.