Nvidia And Other Stocks In Our Model Portfolio (Technical Analysis)

Summary:

• Nvidia Corporation has a strong buy signal with a score of 94 out of 100, indicating a favorable investment opportunity for our Model Portfolio.
• The fundamental and technical signals for Nvidia in the Model Portfolio are positive, with an attractive implied return of 20.2% for 2024 calculated by our computer system.
• Wall Street analysts are also giving a consensus strong buy signal for Nvidia stock, with targets being raised after earnings.

Nvidia Corporation (NASDAQ:NVDA) is in our 2024MP Model Portfolio. We thought about selling before Q4 earnings were released, but here is why we did not. First and foremost, NVDA had our SID proprietary Buy Signal. It was not just a Buy Signal, but a very strong one at 94 out of 100 where 80 and above is a Buy Signal. You can see this signal at the top of the weekly chart shown below and in our daily Model Portfolio report.

Our previous “buy on weakness” buy signal appeared in the last article published here on Seeking Alpha. We always use Seeking Alpha articles and Quant ratings to do our due diligence on any stock picked by our computer system and placed in our Model Portfolio. Below is the daily report we send out showing the stocks in our Model Portfolio and the fundamental and technical buy signals we have on each stock. As you can see, CrowdStrike (CRWD), Meta Platforms (META), Uber (UBER), Microsoft (MSFT), PACCAR (PCAR), Stryker (SYK) and Costco (COST) are on the report.

As you can see on our portfolio report, NVDA has our most important SID Buy Signal in the SID column at 94 out of 100 and is a “strong buy” signal for us. The chart below shows that the SID score did not change from a strong buy despite the selling before earnings. Plus, if you go to our fundamental Implied Return calculation in our portfolio report you will see 20.2%. For us that is an attractive return for 2024 because we don’t believe the market will do better than that in 2024. In addition, in the Tech column you will see our technical buy signal. Finally, in the Tgt column you will see that analysts are raising targets and this signal is color coded green.

Let’s return to SA and do our due diligence again as we did in our last article. You will see that SA analysts have a consensus Hold rating. Since earnings, SA analysts have issued Buys, Holds and even a Sell. The Quant rating remains a Hold, and you will see in the Fund column of our report that we have a Hold in this column. SA ratings are very high for NVDA for Profitability, Growth, Revisions and Momentum but an “F” for Valuation. This is not unusual for aggressive growth stocks that are expected to be overvalued.

Our SID strong buy signal agrees with the consensus strong buy signal that SA is reporting for Wall St. analysts. Their consensus target was too low and now they are busy raising their targets as was indicated by the Tgt signal on our portfolio report.

Here is our 2024MP Model Portfolio stocks with our fundamental and technical signals for each stock including NVDA:

Here is our weekly chart showing our SID Buy Signal at the top of the chart and our technical buy signals below:

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in NVDA over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: We are not investment advisers and we never recommend stocks or securities. Nothing on this website, in our reports and emails or in our meetings is a recommendation to buy or sell any security. Options are especially risky and most options expire worthless. You need to do your own due diligence and consult with a professional financial advisor before acting on any information provided on this website or at our meetings. Our meetings and website are for educational purposes only. Any content sent to you is sent out as any newspaper or newsletter, is for educational purposes and never should be taken as a recommendation to buy or sell any security. The use of terms buy, sell or hold are not recommendations to buy sell or hold any security. They are used here strictly for educational purposes. Analysts price targets are educated guesses and can be wrong. Computer systems like ours, using analyst targets therefore can be wrong. Chart buy and sell signals can be wrong and are used by our system which can then be wrong. Therefore you must always do your own due diligence before buying or selling any stock discussed here. Past results may never be repeated again and are no indication of how well our SID score Buy signal will do in the future. We assume no liability for erroneous data or opinions you hear at our meetings and see on this website or its emails and reports. You use this website and our meetings at your own risk.

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Learn the Buy and Sell signals I use as published in my book “Successful Stock Signals”