Nvidia’s (NVDA.US) Q3 financial report drew praise, and Wall Street raised its target price provider Blue Whale Finance.

Zhitong Finance APP learned that Nvidia (NVDA.US) released its fiscal 2024 third-quarter financial report after the U.S. stock market closed on Tuesday, attracting praise from Wall Street analysts and raising their target prices for Nvidia.

The financial report showed that Nvidia’s Q3 revenue increased by 205.5% year-on-year to US$18.120 billion, which was better than analysts’ expectations of US$16.1 billion. Among them, the Q3 revenue of the data center business was US$14.5 billion, a year-on-year increase of approximately 279%; the gaming business revenue was US$2.86 billion, a year-on-year increase of 81%.

Net profit was US$9.243 billion, a year-on-year increase of 1,259%; adjusted earnings per share was US$4.02, which was also better than analysts’ expectations of US$3.36. Gross profit margin under GAAP accounting standards was 74%, a record high and better than analysts’ expectations of 72.1%.

Looking forward, Nvidia expects fourth-quarter revenue to be US$20 billion (i.e., a year-on-year increase of 231%), which is better than analysts’ expectations of US$17.85 billion; its fourth-quarter gross profit margin is expected to be 74.5%, which is also better than analysts’ expectations. 72.4%.

Bank of America analyst Vivek Arya raised his target price on Nvidia from $650 to $700 and maintained a “buy” rating on the stock.Analysts say Nvidia remains in the top 25% of the effort to transform some $250 billion worth of global computing infrastructure into accelerated computing centered on artificial intelligence. Analysts believe the company could earn as much as $40 per share by 2027. However, analysts also acknowledged that Nvidia’s stock “may experience some short-term volatility” after the stock has risen 240% so far this year.

Citi analyst Atif Malik said the stock could see some volatility as Nvidia faces tougher year-over-year comparisons in the next fiscal year, especially in its data center business. Analysts said that the Consumer Electronics Show in January next year and the GTC conference in March next year will be the “next important catalyst”, and Nvidia will deliver a “special speech” at the Consumer Electronics Show.Analysts maintain a “buy” rating on Nvidia with a target price of $575.

Rosenblatt analyst Hans Mosesmann reiterated his “buy” rating on Nvidia with a target price of $1,100.Analysts said Nvidia’s results and guidance were “excellent.”

Other major bank ratings include:

Truist maintains a “buy” rating on Nvidia and raises its target price from $668 to $674.

BMO Capital maintained its “outperform” rating on Nvidia and raised its target price from $600 to $650.

UBS maintained a “buy” rating on Nvidia and raised its target price from $560 to $580.

Stifel maintains a “buy” rating on Nvidia and raises its target price from $600 to $665.

Morgan Stanley maintained its “overweight” rating on Nvidia and raised its target price from $600 to $603.

Wells Fargo maintained its “overweight” rating on Nvidia and raised its target price from $600 to $675.

Mizuho maintains a “buy” rating on Nvidia and raises its target price from $590 to $625.

Goldman Sachs maintained a “buy” rating on Nvidia and raised its target price from $605 to $625.

JPMorgan Chase maintained its “overweight” rating on Nvidia and raised its target price from $600 to $650.

Bernstein maintained his “outperform” rating on Nvidia and raised his target price from $675 to $700.