According to Dolphin Research APP, although NVIDIA (NVDA.US) stock has just reached a historic high, it is still considered &#34;cheap&#34;.
Reitzes wrote in the report, &#34;We have studied a range of AI-related stocks, and NVIDIA's current P/E ratio is only slightly higher than that of the group.&#34; &#34;Can we say that NVIDIA is cheap now?&#34;
The analyst emphasized that the stock price of this graphics chip giant is 28 times the market's profit expectations for 2024.
He added, &#34;This multiple is lower than that of established companies such as Amazon (AMZN.US), Adobe (ADBE.US), and Microsoft (MSFT.US), although NVIDIA's estimate may be the most conservative.&#34;
After achieving explosive growth for several consecutive quarters in 2023, NVIDIA has risen 240% so far this year. With the continued hype of artificial intelligence driving up the stock price, the company's second-quarter earnings have exceeded already high expectations.
Such performance has raised questions from analysts: &#34;How high can this stock rise?&#34;
Currently, the highest target price given by Wall Street is $1100 by Rosenblatt Securities analyst Hans Mosesmann.

NVDA

Melius Research analyst Ben Reitzes believes that Nvidia is still "undervalued". The analyst rates the stock as "buy" with a target price of $730.

Nvidia hits new high, analysts believe stock price is still "cheap"