Nvidia's Record High Within Reach as Analysts Raise Price Targets

Nvidia's stock price is close to reaching its record high after the company beat Q2 earnings expectations. The stock jumped nearly 9% to $227.98, leaving it just 3.6% below its previous high of $236.3.

Wall Street analysts have responded to the news by increasing their price targets for Nvidia. In fact, 12 out of 13 analysts raised their targets, with some even boosting them above $400. Morgan Stanley and Citi reduced their valuation multiples but still increased their target prices, while Bernstein made a more significant move, raising its target from $315 to $400.

The increase in price targets is not just due to higher valuation multiples. Analysts have also revised their earnings forecasts upwards, with some predicting significant growth for Nvidia's FY28 revenue and EPS.

Technically, the next major hurdle for Nvidia's stock price is its previous high of $236.3. If it breaks above this level and holds, it could enter a new phase of price discovery.