Financial information shows that NVIDIA Corp Q3 revenue and profits exceeded expectations due to the strong market demand for the expansion of GeForce RTX 30 series graphics cards and cloud services. Among them, revenue exceeded expectations for six consecutive quarters, with Q3 rising 50.3 per cent year-on-year to $7.103 billion, exceeding market expectations of $6.82 billion; net profit rose 84.4 per cent year-on-year; and diluted earnings per share rose 83 per cent year-on-year to $0.97, better than market expectations of $1.11.

In addition, NVIDIA Corp's Q4 and year-round guidelines also exceeded expectations, and driven by the logic of highly prosperous tracks such as data centers, autopilot and meta-universe, NVIDIA Corp's valuation also has the momentum to rise further.

After the announcement of the results, a number of Wall Street investment banks have raised the target price of the stock.

Jefferies

Mark Lipacis, an analyst at Jefferies, raised NVIDIA Corp's share price target to $370 from $260 and maintained a "buy" rating. Lipacis said NVIDIA Corp's Q3 earnings per share and revenue exceeded the analyst's expectations, and Q4's earnings per share forecast was 10 per cent higher than it expected.

Now Lipacis has raised NVIDIA Corp's earnings per share forecast for 2025 to $16.40 from $12.50 to include revenue from its new metacosmos virtual reality service, as the analyst estimates the total potential market for meta-universe at $80 billion. Lipacis added that he continued to view the stock as a core stake for long-term investors.

KeyBanc

KeyBanc analyst John Vinh raised NVIDIA Corp's target price to $350 from $260 and maintained his "overweight" rating. NVIDIA Corp reported stronger-than-expected results driven by data center performance, which was driven by cloud computing and corporate demand, Vinh said.

Piper Sandler

Piper Sandler analyst Harsh Kumar raised NVIDIA Corp's target price to $350 from $260 and maintained his "overweight" rating. Kumar said it once again reported strong results and provided Q4 performance guidance that far exceeded expectations. Looking ahead, NVIDIA Corp expects games and data centers to drive growth in Q4, with data centers contributing more, the analyst added.

Needham

Rajvindra Gill, an analyst at Needham, raised NVIDIA Corp's target price to $400 from $245and maintained his "buy" rating. According to Gill, NVIDIA Corp's Q3 performance was "strong", with game revenue up 42 per cent and data center revenue up 55 per cent. Gill added that only 25 per cent of the current 250 million GeForce installation are RTX cards. In addition, as more processors will shift to NVIDIA Corp Ampere architecture, GPU acceleration continues to spread in servers, so NVIDIA Corp's data center business is being driven by demand growth.

Trust

William Stein, an analyst at Trust, raised NVIDIA Corp's target price to $389 from $360 and maintained his "buy" rating. Stein said the company's Q3 results were "solid", with rising revenue and profit margins and better-than-expected guidance. Stein added that Q3's performance will also be a "precursor" for Q4, when NVIDIA Corp will lead the data center to achieve "stronger" growth in fiscal year 2022.

Mizuho

Vijay Rakesh, an analyst at Mizuho, raised NVIDIA Corp's target price to $335 from $235 and maintained his "buy" rating. According to Rakesh, NVIDIA Corp has shown strong implementation in three key areas of the GPU roadmap, which account for 90 per cent of his total revenue. The analyst believes that NVIDIA Corp will continue to maintain a strong momentum in the market.