Wall Street is rushing to raise price targets on Nvidia after spectacular earnings

Somehow, Nvidia keeps raising the bar.

The chip giant’s stellar earnings for the third quarter have sparked a round of price-target raises from analysts who think the stock can climb even higher.

Nvidia, the most expensive company in the world by market cap, pulled $57.01 billion in revenue, up 62% year-over-year. It estimated it would pull $65 billion the following quarter, handily beating expectations that it would issue guidance for around $61 billion in quarterly revenue.

The results — and comments from CEO Jensen Huang that he believed AI was not in a bubble — was exactly what investors wanted to hear, according to Dan Ives, a senior analyst at Wedbush.

“Nvidia’s earnings were another major validation moment for the AI Revolution and tech stocks. We also believe Nvidia will enter the $6 trillion market cap club over the next 12 to 18 months as the vision and numbers around the AI spending trend prove themselves out,” he wrote in a note to clients on Thursday.

Here’s the rundown of analysts who are also feeling more bullish on Nvidia’s future:

Morningstar: Raise estimate to $240 from $225

Brian Colello, a senior equity analyst at Morningstar, said he lifted his fair value estimate for the stock to $240 a share due to higher revenue expectations.

Nvidia is paying more for input costs, but that will likely be offset by the company’s strong pricing power, he added of the firm’s profit outlook.

“We still see Nvidia shares as undervalued and view…