Nvidia (NASDAQ:NVDA) has broken above the $120 level due to the relief rally today as investors expect softer retaliatory tariffs on April 2nd. This could also mean that the administration will be softer on Nvidia’s exports to China, Singapore, and Vietnam going forward.
The stock is still at a crossroads since NVDA stock remains 17% off its peak. The stock is still up 28% over the past year, but many doubt whether or not the current rally will be sustained. If it does, Nvidia could make new highs and cross into $150. If not, the stock could break below $100 as it did in August last year. Let’s take a look at which one is more likely.
Could NVDA Stock Cross $220?
The broader market would have to cooperate, and the AI narrative would have to return for, NVDA stock to break above $220 this year. Compared to most other AI stocks right now, NVDA is surprisingly the cheapest of the bunch. It trades at 41 times earnings, while historically, it has traded around 52 times earnings at the median. $220 is the price target that Kevin Cassidy from Rosenblatt Securities has. It is the highest price target for the stock.
