Nvidia rises as UBS recommends investors 'stay the course' ahead of Q2
Justin Sullivan
Nvidia (NASDAQ:NVDA) shares rose more than 1.5% in pre-market trading on Tuesday as investment firm UBS said investors should "stay the course" ahead of fiscal second-quarter results, slated to be released on August 23.
Analyst Timothy Arcuri, who reiterated his buy rating on Nvidia (NVDA), said that investor expectations have risen significantly going into the results, but with the recent pullback in the stock (save for yesterday's gain) over the past month, the firm is still bullish.
Arcuri, who also raised his price target to $540 from $475, added that demand will ultimately dictate the company's long-term opportunity in artificial intelligence, but in the short-term, it's more about supply.
Looking ahead, Arcuri expects the company to guide to roughly $14.5B in revenue for the October quarter and could earn around $10 per share this year and roughly $17 per share in fiscal 2025. 
A consensus of analysts estimate that Nvidia (NVDA) will earn $2.08 per share on $11.06B in revenue during the second-quarter.

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