Goldman Sachs Raises Nvidia Price Target to $285, Maintains Buy Rating Following Strong Q1

According to Goldman Sachs, the bank raised Nvidia's price target to $285 from $250 following the company's stronger-than-expected first-quarter results announced in April. The investment bank increased its earnings per share forecast by an average of 6 percent, reflecting higher revenue expectations and a lower-than-anticipated tax rate that aligns with company guidance.

Goldman Sachs maintained its buy rating on the chipmaker, noting that Nvidia's second-quarter guidance exceeded already-elevated market expectations following the quarterly earnings announcement.