Seeking Alpha upgraded NVIDIA’s quantitative rating from Hold to Strong Buy. This shift follows a second-quarter earnings report that surpassed Wall Street expectations.
The company reported Q2 revenue of approximately $96.2 billion. Management issued a strong forecast for the third quarter, projecting revenues of roughly $108 billion.
High demand for AI-powering chips from data centers and hyperscalers drove the optimistic outlook. Several analysts raised their price targets in response to management’s indication of a long runway for AI-related spending.
The upgrade reflects a marked improvement in NVIDIA’s quantitative profile. Momentum served as a primary factor in the rating change.