Rosenblatt Reaffirms Buy Rating for NVIDIA with $390 Target

Rosenblatt Securities has reaffirmed its "buy" rating for NVIDIA (NASDAQ:NVDA), setting a price target of $390.00, which suggests a potential upside of 64.18% from the current stock price. The rating was confirmed in a note issued to investors on Tuesday, reflecting the firm's bullish outlook on the computer hardware maker.

Several other brokerages have recently adjusted their price targets for NVIDIA. President Capital increased its target from $295.00 to $330.00, while Itau BBA Securities lowered its target from $256.00 to $218.00. Daiwa Securities Group reduced its price objective from $255.00 to $245.00 and maintained an "outperform" rating. Sanford C. Bernstein reaffirmed a "buy" rating, and China Renaissance lifted its target from $319.00 to $330.00. Analysts overall have given NVIDIA an average rating of "buy" with a consensus price target of $320.71.

NVIDIA's stock opened at $237.54 on Tuesday, with a market capitalization of $5.72 trillion. The company reported strong earnings for the quarter, beating analysts' estimates with $2.22 earnings per share and $96.22 billion in revenue. The firm's quarterly revenue increased by 105.9% year-over-year. NVIDIA also announced a share buyback plan allowing the repurchase of up to $150.00 billion in shares.

Insider activity has been notable, with CFO Colette Kress and EVP Timothy S. Teter selling shares under pre-arranged trading plans. Institutional investors have also been active, with several large investors adjusting their positions in NVIDIA. Options traders expect the company to surpass a $6 trillion market capitalization by the end of October, signaling bullish expectations.