Nvidia Corp. (NASDAQ: NVDA) shares have climbed nearly 6% over the past 30 days, supported by sustained demand in the artificial intelligence sector. Amid this momentum, chartist and former fund manager Aksel Kibar has shared a technical price target for the stock.
According to a social media post on September 3, Kibar set a price target of $235 for Nvidia stock. With the stock having closed a previous trading session at $224.41, the projection points to a potential 4.72% upside. Kibar pointed to the daily chart as a potential inverse head-and-shoulders continuation pattern with a neckline near $235, suggesting that a breakout above this resistance level could lead to a rally toward a new all-time high. He also noted that the stock's 200-day Moving Average has functioned as a reliable support level.
Broader Wall Street sentiment remains positive. Thirty analysts surveyed by TipRanks over a three-month period issued an average 'Strong Buy' rating for Nvidia, with a 12-month average price target of $329.32.
Additional backing came on September 2, when Bank of America analyst Vivek Arya reiterated a 'Buy' rating and a 12-month price target of $350. On the same day, JPMorgan Chase expert Harlan Sur reaffirmed a 'Buy' rating with a 12-month target of $320, as enterprises continue to seek Nvidia's chips for artificial intelligence applications.
