Here's Why Nvidia Stock Could Double in 2024
Nvidia (NASDAQ: NVDA) has been a home run investment in 2023. Shares of the semiconductor giant have more than tripled this year, gaining a whopping 238% thanks to an astronomical acceleration in the company's revenue and earnings. Booming demand for its graphics cards is playing a major role in training artificial intelligence (AI) models.
The good news is that analysts are anticipating Nvidia stock to head higher in 2024. According to 46 analysts covering the stock, Nvidia has a median 12-month price target of $650. That points toward a 35% jump from current levels. The Street-high price target sits at $1,100, which points toward a 123% jump over the next year.
Let's find out if Nvidia can outpace the median stock price target and double in 2024 from current levels of around $480.
Source Fool.com
