Nvidia’s $560 Billion Gain Has Street Racing to Lift Targets
- UBS, Mizuho follow MS, BofA, Goldman in hiking targets
- Shares of chip giant have risen 46% in 2024 through Tuesday
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Nvidia Corp.’s red-hot rally to start 2024 has Wall Street rushing to keep up, with at least five firms hiking price targets on the artificial intelligence-darling this month.
The chip giant’s shares have surged 46% this year and added about $560 billion in market value. The strength, along with the insatiable demand for its accelerators that power AI tasks, led UBS Group AG and Mizuho Securities to follow counterparts at Morgan Stanley, Bank of America Corp. and Goldman Sachs Group Inc. in boosting price targets ahead of the company’s earnings results due Feb. 21.