Nvidia hits new 52-week high as optimism abounds ahead of Q2 results
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Optimism surrounding Nvidia (NASDAQ:NVDA) has reached a fever-pitch, as investors await the release of the company's second-quarter results on August 23.
Over the past five trading sessions, shares have gained more than 5%, and hit a new 52-week high of $481.87 on Tuesday before reversing course and falling more than 1%. For comparison purposes, other stocks closely linked to artificial intelligence, including AMD (AMD), Marvell Technology (MRVL) and Super Micro Computer (SMCI), are 10% or more lower than their respective 52-week highs.
In the past two weeks, no less than 10 Wall Street firms have come out in some way, shape or form and heaped praise on the Jensen Huang-led company. Three of them did it on Monday, including HSBC, which raised its target to $780, the second highest on Wall Street. 
HSBC analyst Frank Lee said that despite the higher expectations, there is still earnings upside that is not fully priced in yet for the second-half of fiscal 2024 and fiscal 2025.
A consensus of analysts estimate that Nvidia (NVDA) will earn $2.09 per share on $11.07B in revenue during the second-quarter.
Other analysts have also been effusive in their praise on Nvidia (NVDA), including Baird's Tristan Gerra, who said earlier this month that the company would see another "supercycle" aided by artificial intelligence.
"Our channel checks suggest no competition in AI enterprise for the medium term," Gerra wrote.
Despite signs - including sentiment - that the overall market is presently bearish, the optimism surrounding Nvidia (NVDA) from Wall Street analysts is extraordinarily high.
Of the 52 analysts who have spoken on the company in the past 90 days, 32 have strong buy ratings and 13 have a buy rating. Just seven of them rate it hold or sell despite the stock having run 126% in the past six months.
Seeking Alpha authors and Seeking Alpha's Quant Rating are a bit more measured in their approach to the Santa Clara, California-based company, with Quant Rating giving the stock an F for Valuation.

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