Justin Sullivan
NVIDIA (NASDAQ: NVDA) fell on Thursday morning, but the Kobeissi Letter noted that bullish sentiment toward the AI chipmaker still prevails.
The stock (NVDA) was trading around $121 early Thursday, but late Wednesday saw an improvement to the $115 area after buyers after the stock had fallen by ~8%. By the opening on Thursday, the stock had regained a market capitalization of +160 billion USD, the newsletter said in a post on X (formerly Twitter).
Meanwhile, Morgan Stanley, Raymond James and Bernstein were among the Wall Street banks that raised their price targets for Nvidia (NVDA). The Kobeissi Letter counted at least 10 raised price targets. “Bullish sentiment is an understatement,” the newsletter said.
On the broader market, the Nasdaq (COMP:IND)(QQQ) and the S&P 500 (SP500)(SPY) rose as Nvidia shares (NVDA) trimmed losses following the release of earnings.
Nvidia (NVDA) beat expectations for its second-quarter adjusted earnings per share and revenue late Wednesday, but the world’s second-most valuable company’s third-quarter outlook initially dampened investor enthusiasm. Third-quarter revenue guidance of $32.5 billion fell short of the consensus estimate of $31.71 billion by +/-2 percent.
