Posted 2/28/2024, 10:05:00 AM
Nvidia Stock Still Has 78% Upside Despite 441% Surge, Analyst Says
- Nvidia stock has surged 441% since early 2023, and one analyst believes there's still 78% upside potential
- The analyst points to Nvidia's strong fiscal 2024 Q4 results and guidance suggesting continued triple-digit growth
- Nvidia remains "sold out" for the fiscal year and is in the early stages of an AI "megacycle"
- Nvidia has a near monopoly (95% market share) in GPUs for data centers and machine learning
- Even after huge gains, Nvidia still has a PEG ratio under 1, meaning it remains cheap for its growth potential