NVIDIA Stock 2023: Opportunities, Stock Split and Wall Street Analysis

NVIDIA Stock 2023: Opportunities, Stock Split and Wall Street Analysis

According to a report by www.finanzen.ch,
Against the background of NVIDIA's positive stock development in 2023, investors are now wondering whether NVIDIA shares can go up even further or whether the chip designer's valuation is already set too high. There are several factors to consider.

Is a new stock split imminent?
NVIDIA shares have already been optically discounted more than five times through stock splits. The last stock split was carried out in 2021 and was announced when the shares were worth $560. Given the current price of the stock at $492.79 (closing price on December 26, 2023), it is therefore entirely possible that another stock split is not too far away.

Ambitious goals for 2024
NVIDIA itself has already set ambitious goals for 2024. In December 2023, NVIDIA CEO Jensen Huang announced that he wanted to expand in Vietnam with a focus on AI development. The graphics card developer wants to work with the top tech companies from the Southeast Asian country. In addition, NVIDIA announced that it would be launching a number of AI improvements. In a press release from the end of November 2023, the tech group informed about the launch of “NeMo Retriever”, a microservice based on generative AI with which companies can connect customized large language models with company data.

Wall Street agrees – thumbs up for NVIDIA stock
When it comes to finding out whether an investment in NVIDIA shares is still worthwhile in 2024, a look at Wall Street estimates will help. These paint a clear picture. 42 of the 52 analysts surveyed by FactSet gave the NVIDIA shares a buy rating. In addition, the paper counts seven overweight recommendations and three hold ratings. However, there are no sales recommendations. 46 analysts have also given a price target, which averages $668.11 - which implies an upside potential of 35.57 percent.

Looking at chart technology can help
According to Investor's Business Daily, what can also help in assessing how best to deal with NVIDIA shares in 2024 is a look at the chart technology. Of particular interest here are the resistances and supports in key areas, especially the buy points and moving averages. This type of movement will continue to be monitored in the future in order to find the right moments to buy, sell, hold or adjust the position in NVIDIA shares.

Based on the information available, one can assume that NVIDIA shares continue to have good future prospects. NVIDIA's planned expansion goals in Vietnam and the development of new AI improvements indicate a positive development for the company. In addition, the buy ratings and price targets from analysts indicate positive stock development. The possible stock split could continue to increase the attractiveness of NVIDIA shares. Analyzing chart technology can also be helpful in determining the right moments to buy or sell the stock. Therefore, NVIDIA shares could continue to represent a promising investment opportunity in 2024.