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Q3 Earnings Previews: Buy Nvidia and Target Stock?

Benjamin Rains
·2 min read

 

On today’s episode of Full Court Finance at Zacks, we discuss the improving S&P 500 earnings picture. The episode then explores Target TGT and Nvidia NVDA ahead of their upcoming quarterly releases to see if either stock is worth buying.

The market climbed on Monday after Moderna’s vaccine news helped further bolster Wall Street’s outlook. The Dow hit new records and both the S&P 500 and the Nasdaq climbed back near their recent highs. And analysts at Goldman Sachs and other major Wall Street firms such as JPMorgan have sent out bullish notes recently.

Investors are also apparently pleased enough with the likelihood of divided government in Washington. Plus, the earnings picture looks stronger and the U.S. economy continues to bounce back from its virus-based downturn (also read: What to Expect from the Retail Sector).

This brings us to two of the biggest names left to report their third quarter earnings results. First, Target is a Zacks Rank #2 (Buy) at the moment that has thrived during the coronavirus economy and is ready to take on Walmart WMT and other rivals in the new retail age. Target stock has actually outpaced Amazon AMZN over the last three years.

Second, we take a look at Nvidia, which is also a Zacks Rank #2 (Buy). The chip giant has expanded far beyond gaming and Wall Street loves its ability to grow within data centers, cloud computing, artificial intelligence, and other tech areas of the future.

The Hottest Tech Mega-Trend of All

Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>


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Target Corporation (TGT) : Free Stock Analysis Report
 
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
 
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
 
Walmart Inc. (WMT) : Free Stock Analysis Report
 
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Zacks Investment Research