By George Glover
Nvidia stock was edging lower Thursday, with investors in wait-and-see mode ahead of the chip maker's earnings next week.
Shares slipped 0.3% to $138.81 in premarket trading. Futures tracking the benchmark S&P 500 index were down 0.2%.
Nvidia is due to publish its earnings for its fourth quarter, which ended Jan. 26, next Wednesday. Investors are hopeful for another profit surge because Big Tech companies like Amazon.com and Google parent Alphabet have guided for a rise in capital spending this year, suggesting they'll carry on pouring money into the semiconductor maker's graphics processing units.
KeyBanc analyst John Vinh, who rates Nvidia as Overweight, raised his price target on the stock to $190 from $180 Wednesday, citing higher-than-expected supply of Nvidia's Blackwell B200 chips. He added that the rise of DeepSeek in China could also boost demand for its H20 GPUs, which are designed for the Chinese market. Vinh's price target implies the stock can rise 36% from its level as of Wednesday's close.
Write to George Glover at george.glover@dowjones.com
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(END) Dow Jones Newswires
February 20, 2025 04:51 ET (09:51 GMT)
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