NVIDIA Anticipates Q3 Earnings Spike; Analysts Adjust Predictions

NVIDIA Corporation, identified by the ticker NVDA, is poised to reveal its earnings report for fiscal 2023's third quarter on November 21, 2023, after the day's trading ends. Market experts predict a notable increase in earnings per share (EPS) for this quarter, with anticipations set at $3.36, substantially rising from the recorded EPS of 58 cents in the same quarter of the previous year. Analysts additionally foresee the company's revenue to reach around $16.12 billion for the quarter in question.

Legal Troubles Amid Financial Optimism

As NVIDIA prepares to disclose its financial performance, the company finds itself entangled in a legal dispute with automotive parts supplier Valeo SE. The conflict arises from allegations that an NVIDIA engineer improperly shared confidential data during a video meeting.

Stock Movement and Analysts' Insight

Despite legal challenges, NVIDIA's stock displayed a positive uptrend, with a 2.3% increase to settle at $504.09 at Monday's close. Looking into NVIDIA's stock ratings, several top-rated analysts have recently provided updates to their forecasts:

• Stifel analyst Ruben Roy, with a 79% accuracy rate, maintained a Buy rating and a $600 price target on November 17, 2023.
• Piper Sandler analyst Harsh Kumar, boasting an 83% accuracy rate, reiterated an Overweight rating and set a $620 price target on November 17, 2023.
• Wedbush analyst Matt Bryson, also with an 83% accuracy rate, affirmed an Outperform rating and a $600 price target on November 17, 2023.
• Morgan Stanley analyst Joseph Moore, holding a 70% accuracy rate, continued an Overweight rating but reduced the price target from $630 to $600 on October 18, 2023.
• Citigroup analyst Atif Malik, with an 81% accuracy rate, sustained a Buy rating and decreased the price target from $630 to $575 on October 18, 2023.

NVIDIA, earnings, analysts