NVIDIA stock rose over 10% last week
Semiconductor (SMH) company NVIDIA (NVDA) saw its stock rise over 10% last week, to close at $180.11. The stock is now trading 190% above its 52-week low of $62.12. It touched an all-time high of $180.11 on September 15.
The stock rose over 6% on Friday after Evercore analyst C. J. Muse raised his 12-month price target for the stock to $250. According to the analyst, investors have not yet realized NVIDIA’s growth potential in the AI (artificial intelligence) space. In the research report, Muse stated, “We are only at the cusp of AI’s growth potential and Nvidia is creating THE AI computing industry standard.”
According to Muse, NVIDIA GPUs (graphics processing units) can be used for AI applications such as autonomous driving. Currently, NVIDIA’s graphics cards are used for Bitcoin, the cryptocurrency. NVIDIA is one of the leaders in the autonomous vehicle space, and its level-3 autonomous car platform will be available in Tesla’s (TSLA) latest models by the end of 2017.
NVIDIA shares on a spectacular run since 2016
NVIDIA stock has risen 187% in the trailing 12 months and almost 70% in calendar 2017, after rising over 225% last year. NVIDIA’s revenue rose 53% YoY (year-over-year) in fiscal 3Q17 to $2 billion, 55% YoY in fiscal 4Q17 to $2.17 billion, 48.4% YoY in fiscal 1Q17 to $1.93 billion, and 56% YoY in fiscal 2Q18 to $2.23 billion.