Despite NVIDIA's stock price soaring more than 80% since the beginning of this year, HSBC analyst Frank Lee believes that investors are currently underestimating the prospects of NVIDIA's artificial intelligence business, and the stock still has a lot of room for further growth.In a recent report, Frank Lee reiterated his buy rating on the stock, marking the 13th consecutive month he has made the same rating. He also raised NVIDIA's target price from $1050 to $1350, representing a 49.3% increase from the previous day's closing price of $904.The new target price makes Lee the second most bullish analyst on NVIDIA, second only to Hans Mosesmann of Rosenblatt Securities, who has a target price of $1400, a 55% increase from the previous day's closing price.Lee believes that NVIDIA will continue to demonstrate strong pricing power through its NVL36/NVL72 server systems and GB200 processor platform. Despite the significant increase in stock price, he expects Wall Street to still be amazed by the company's performance in the coming year.For the first quarter of the 2024 fiscal year, which will be announced on May 22nd, Lee expects NVIDIA's revenue to be $26 billion, higher than the company's February guidance of $24 billion and Wall Street's expectation of $24.45 billion. He also predicts that NVIDIA's second-quarter revenue will reach $28 billion, surpassing the market expectation of $26.48 billion.Looking ahead to the 2026 fiscal year, Lee believes that NVIDIA's profit has &#34;significant upside potential,&#34; emphasizing that Wall Street is currently underestimating this estimate. Lee has raised the company's earnings per share forecast to $45.16, 45% higher than the market's current expectation of $31.05. He has also significantly raised the revenue forecast from $138 billion to $196 billion, a 42% increase.Among the 60 analysts covering NVIDIA, 53 have a bullish outlook, 7 have a neutral rating, and none have a sell rating. The average target price among analysts is $1009, significantly lower than Lee's target of $1350.Driven by emerging technologies such as artificial intelligence, NVIDIA's stock price has surged 216.3% in the past 12 months, while during the same period, the semiconductor index and the S&amp;P 500 index have risen by 62.6% and 26.8% respectively

NVDL

SOXL

NVDA

HSBC analyst Frank Lee raised Nvidia's target price to $1350, 49.3% higher than the previous night's closing price of $904

Next year, another 50% increase! NVIDIA's new financial report is about to be released, with Wall Street's target price getting higher and higher