To be fair, NVDA stock is the type of industry-leading, large-capitalization stock which could be a core holding in investors’ portfolios. Coupled with a marginally out-of-position weekly stochastics and NVDA stock price that’s not wildly oversold, there’s simply insufficient evidence to own shares, while ignoring the increased risk of additional downside. Of concern, if it can’t hold support there’s a more substantial air pocket that opens Nvidia up to a challenge of the $100-$115 area. Several percent below, a Fibonacci-based two-step pattern completes and could act as support for a bottom. Technically, NVDA stock is currently testing its 62% retracement level of its Covid-19 cycle. Given an intolerant environment and incredibly unforgiving earnings season, it’s the better risk-adjusted position at the moment. NVDA Stock Has Earnings RiskĮntering Wednesday’s session, it’s hard to get onboard with a stock which most of Wall Street is overly keen on and collectively long and wrong.Īnother strike against NVDA stock is direct competitor Advanced Micro Devices (NASDAQ: AMD).ĭespite its own huge earnings beat, AMD can be picked up for roughly its pre-report stock price. Nevertheless, it’s positive on Nvidia’s data center business, and Susquehanna maintained its “buy” rating and less-tempered $280 price target compared to NVDA stock’s price of $165.95.

The firm outlined some concern over shrinking GPU prices tethered to gaming and crypto mining and warned the outfit’s habitual “beat and raise” practice is at risk. Within that upbeat crowd, investment bank Susquehanna has chimed in on Nvidia in front of earnings. As well, of 45 analysts polled by CNN, Nvidia shares maintain a community of bulls with 32 rating shares a buy compared to just one sell recommendation. NVDA stock sports a median 12-month price target of $310 and premium of nearly 92% to Tuesday’s closing print.

And analysts are fairly confident Nvidia can continue to produce the goods. If Wall Street is correct, the results would keep Nvidia’s attractive growth narrative of the past handful of years intact. Profits are expected to climb by a similar and robust 42% on earnings of $1.29 per share.

What Wall Street Is Saying Ahead of NVDA Stock EarningsĪhead of Wednesday night’s NVDA stock first-quarter earnings report consensus views are forecasting sales growth of 43% on revenues of $8.1 billion.

Nvda stock earnings call fool