Citi Bank Gives Latest Price Target For Nvidia Stock

Top global banker Citi Bank recently revised its price target for Nvidia stock and has become bullish on its prospects. The tech stock is the most sought-after asset this year from both retail investors and institutional funds. Its profits have outperformed the broader market and continue to attract bullish sentiments.

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The leading tech stock closed Tuesday’s bell in the red and fell to the $131 price range. It dipped by more than six points, shedding close to 4.5% in the day’s trade. Investors see every dip in the chipmaker stock as a buying opportunity, as a bull run could make it touch new highs. Citi Bank has given a ‘buy’ call for Nvidia stock, citing that it could deliver decent returns in the short term.

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Buy Nvidia Stock Now: States Citi Bank Analyst

Citi Bank financial analyst Atif Malik has rated Nvidia stock ‘buy’. He wrote that the tech giant could increase its sales by 100% next year, including GPU sales that will grow 118%. The firm is also heavily investing in the Artificial Intelligence (AI) sector and plans to outperform the competition.

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According to Citi Bank’s revised price prediction, Nvidia could reach the $150 mark in the short term. That’s an uptick and return on investment (ROI) of approximately 15% from its current price of $131. Therefore, if the forecast is accurate, an investment of $1,000 could turn into $1,150 in the near term.

“We estimate Nvidia GPU compute sales to grow 118% and 84% year-over-year in calendar years 2024 and 2025, respectively, with hyperscaler sales increasing 100% and 67% during the same period,” Malik noted. Investors are already taking entry positions in Nvidia during the dip as its price could be higher in the next 12 months.