Analysts: A ‘Turning Point’ for Nvidia Stock Is Coming on March 17. Be Ready.
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Nvidia (NVDA) is up nearly 7% in midday trading on March 12 in anticipation that the company’s upcoming GTC conference starting on March 17 will serve as a much-needed catalyst for its stock price recovery.
Shares of the AI chips maker have been under immense pressure in recent sessions amidst tariff uncertainty and the related fears of a potential recession ahead.
But that could change next week as the GTC conference will be a “turning point” for the US tech stocks, according to Wedbush analyst Dan Ives.
Despite today’s surge, NVDA shares are down about 23% versus their year-to-date high.
Should You Buy Nvidia Stock Ahead of its GTC Conference?
Wedbush expects Nvidia’s GTC conference to shift the focus from tariffs and economic uncertainty back to “AI revolution and the massive tech spending ahead.”
Analyst Dan Ives remains bullish on NVDA as he says we’re only in the earnings innings of what will likely be 8-10 years of an AI-driven boom, he argued in a research note on Wednesday.
Ives expects tech companies globally to spend more than $2 trillion on AI infrastructure over the next three years, which he believes will prove to be a meaningful benefit for Nvidia shares.
His “Outperform” rating on the AI stock is coupled with a price target of $175 that signals potential upside of roughly 50% from current levels.
What to Expect from Nvidia’s GTC Conference on March 17
Wedbush analyst Dan Ives recommends buying Nvidia stock ahead of its annual GTC conference as the growth opportunities ahead are not fully baked into the current valuation.
In the near term, the GTC conference is expected to catalyze Nvidia’s stock price recovery as the AI darling tends to showcase transformative innovations at these annual events.
Nvidia could launch new hardware, upgrade its platform, or announce new strategic partnerships at the GTC conference – all of which could help unlock significant further upside in its share price.
NVDA Continues to be Popular Among Wall Street Analysts
Despite recent weakness, other Wall Street analysts remain bullish as ever on Nvidia stock.
The consensus rating on NVDA currently sits at “Strong Buy” with the mean target of about $177.59 indicating potential upside of about 52%.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.