JPMorgan Raises Nvidia Price Target to $320 From $280 After Earnings Beat

JPMorgan raised its price target on Nvidia after the chipmaker posted better-than-expected quarterly results.

BlockBeats and other outlets reported on Aug. 27 that JPMorgan lifted its target price to $320 from $280, an increase of about 14.3%. Nvidia shares closed at $209.66 on Aug. 26, down 1.59% from the previous session.

The move came after Nvidia reported an earnings surprise. The company said on Aug. 26 that fiscal second-quarter revenue for the May-to-July period surged 106% from a year earlier to $96.22 billion.

That exceeded the $92.17 billion estimate compiled by London Stock Exchange Group by more than $4 billion. The results also marked Nvidia's 13th consecutive quarter of record revenue.

Chief Executive Officer Jensen Huang said the results showed artificial intelligence had reached an inflection point. "Tokens are productive and profitable," he said. "Now compute has become revenue."